“This partnership further strengthens our strong foothold in the android smartphone ecosystem in India. There is immense potential to further build on shared capabilities together in times to come, to deliver sustainable growth for the proposed venture.” Atul B. Lall, Vice Chairman and Managing Director, Dixon
“The proposed joint venture will undertake part of vivo’s OEM orders of smartphones in India, and can also engage in OEM business of various electronic products of other brands. This partnership will effectively complement the current manufacturing operations of vivo India.” Jerome Chen, CEO, vivo India
Dixon and vivo India, have announced the execution of a binding term sheet on 15 December 2024 for a proposed joint venture in India for carrying on the business as an original equipment manufacturer (OEM) of electronic devices including smartphones. Dixon and vivo India shall hold 51% and 49% stake, respectively, in the joint venture entity to be incorporated for this purpose. Neither Dixon nor vivo India will have any stake in each other. The parties will agree on an optimum structure and the relevant terms and conditions to be set out in the definitive agreements. The transaction will be subject to execution of such definitive agreements, completion of customary conditions precedent and receipt of applicable regulatory approvals including as required under the foreign exchange control laws of India.
Atul B. Lall, Vice Chairman and Managing Director of Dixon, added “It gives us immense pleasure to partner with vivo India which is an iconic global brand and we see them as an ideal strategic partner that shares our core values of quality, engineering prowess and customer satisfaction. We believe that this association will bolster our manufacturing excellence and superior execution abilities and vivo’s leadership in the Indian business ecosystem. We are excited to work together to create a stronger, more diversified, and future-proof organization. This partnership further strengthens our strong foothold in the android smartphone ecosystem in India. There is immense potential to further build on shared capabilities together in times to come, to deliver sustainable growth for the proposed venture.”
Jerome Chen, CEO of vivo India, added “We are delighted to sign a term sheet with Dixon which boasts rich localized management experience and outstanding professional manufacturing prowess. The proposed joint venture will undertake part of vivo’s OEM orders of smartphones in India, and can also engage in OEM business of various electronic products of other brands. This partnership will effectively complement the current manufacturing operations of vivo India.”
