Strategic Partnership to Boost India's Manufacturing Sector

In a significant move to strengthen India's Make in India and Atmanirbhar Bharat initiatives, Dixon Technologies, led by Sunil Vachani, and Dutch multinational Signify (formerly Philips Lighting), have signed a binding term sheet to establish a joint venture (JV) in India. This partnership aims to serve as an original equipment manufacturer (OEM) for lighting products and accessories, marking a pivotal step in India's manufacturing landscape.

Joint Venture Details

The JV will be equally owned by both entities, with each holding a 50% stake, though neither will have a stake in the other. The collaboration is set to combine Signify's technological leadership and Dixon's manufacturing excellence to produce high-quality, competitive lighting products in India.

Future Prospects

Atul B. Lall, Vice Chairman and MD of Dixon, highlighted the strategic nature of the partnership, emphasizing shared values of quality, innovation, and customer centricity. Sumit Joshi, MD and CEO of Signify Innovations India, echoed this sentiment, aligning the JV with the government's vision to enhance local manufacturing capabilities.

The venture will not only fulfill part of Signify's OEM orders in India but also engage in OEM business for other brands, leveraging Dixon's prowess as a leading contract manufacturer in the country.