Dixon, Beetel to manufacture telecom and networking products
Dixon Technologies (India) Limited has entered into Joint Venture Agreement (JV Agreement) with Beetel Teletech Limited (Beetel). Pursuant to the said JV Agreement, Dixon Electro Appliances Private Limited (JV Company) will be 51% owned by Dixon and 49% owned by Beetel.
The JV Company has received approval under the PLI scheme of the Government of India for manufacturing of Telecom and Networking Products in India and in accordance with the same, it will undertake to manufacture of telecom and networking products, inter-alia GPON’s, ONT’s, modems, routers, set-top boxes, IoT devices, etc for the telecom sector/industry including for Beetel and Airtel.
“It gives us immense pleasure that we have partnered with Beetel. We are delighted and encouraged by the trust they have bestowed on Dixon for this collaboration. We see them as our ideal long-term strategic partner who shares our core values: focus on quality, engineering prowess, innovation and customer satisfaction & we intend to leverage each other’s strengths to manufacture telecom and networking products.
With Dixon’s excellent track record in manufacturing industry & Beetel’s (Bharti Group company) deep expertise in Telecom, this venture will be well positioned to be a key player in its space. We are confident that this is just the beginning of a long and prolific association & there is immense potential to further build on our shared capabilities to deliver sustainable growth,” Atul B. Lall, Vice Chairman & Managing Director, said.
At around 12.40 pm, Dixon Technologies (India) Ltd was trading at Rs5,523.05 per piece down by Rs68.05 or 1.22% from its previous closing of Rs5,591.10 per piece on the BSE. IIFL Securities
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