Dixon Technologies (India) Ltd. informed the stock exchanges that regulatory clearances for its proposed joint venture with Vivo Mobile India Pvt. Ltd. are yet to be obtained, in response to a clarification sought by the National Stock Exchange.
The company said it had signed a binding term sheet with Vivo India in December 2024 to form a joint venture focused on original equipment manufacturing (OEM) of electronic products, including smartphones. However, the transaction remains contingent on the execution of definitive agreements, fulfillment of customary pre-closing conditions and receipt of all necessary statutory approvals.
Dixon noted that details of the proposed venture had already been disclosed to the exchanges in December 2024 under SEBI's disclosure requirements. The company added that there have been no material developments in the transaction since the original announcement and that the required regulatory approvals are still pending.
Commenting on recent media reports regarding the proposed partnership, Dixon said the reports do not have any additional bearing on the company. It also clarified that it was not involved in the publication of the reports and is not aware of any unpublished price-sensitive information that could account for recent movements in its stock.
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