Shares of Dixon Tech surged after sources told NDTV Profit that the company is inching closer to a Rs 30,000 crore revenue opportunity with the government likely to approve its joint venture with global smartphone giant Vivo. This comes after a meeting held on Saturday, where an inter-ministerial committee has backed the proposal and is expected to process the final approval once the regulatory processes for completed, sources add.
Dixon Tech shares surged as much as 2.69% in trade.
The approval of the Vivo JV could be significant for Dixon Technologies, potentially adding 20-22 million units of production on an annual basis. The management of Dixon Tech has indicated that the deal could represent a Rs 30,000 crore revenue opportunity, with the JV expected to make almost 67% of Vivo's total production.
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