Dixon, boAt form 50:50 JV to make Bluetooth-enabled audio devices
Electronics manufacturing company Dixon Technologies and Imagine Marketing – the parent company of headphones brand Boat – have formed a 50/50 joint venture to make Bluetooth-enabled audio devices.
“The Company and Imagine have entered into a joint venture agreement to form a joint venture to undertake the manufacture of Bluetooth-enabled audio devices,” said a regulatory filing from Dixon Technologies.
The proposed JV will undertake the design and manufacture of wireless audio solutions in India and the JV partners will co-invest in India’s evolving mobile accessories market, according to a joint statement.
“The association will enable the companies to respond to changing customer needs by delivering high-quality, ambitious lifestyle-focused hearing solutions, backed by quality manufacturing and robust R&D,” he said.
The two companies will each appoint two directors to the JV’s board of directors.
“The JV Partners ie Company and Imagine will be entitled to shares commensurate with their respective shareholding structure,” Dixon said.
“The shares of the proposed JV company will be issued to the company and to Imagine in an equal proportion, i.e. 50:50,” he added.
The vice president and general manager of Dixon Technologies said the company has been manufacturing boAt apparel since the previous fiscal year and that the business relationship is now coming to fruition with this joint venture. “Through our partnership, we aim to provide boAt with faster capability to expand manufacturing in India through our low cost structure, high quality and superior execution track record. We strive to develop innovative products with boAt not only for discerning Indian consumers but also for global markets,” he said.
Last week, Imagine Marketing announced the acquisition of Singapore-based KaHa Pte, an end-to-end smart IoT product development company, a move that will help it create new IoT-enabled wearable products and ecosystem. generation.
While Dixon Technologies had also announced a joint venture agreement with Japanese company Rexxam Co Ltd to manufacture printed circuit boards (PCBs) for air conditioners for domestic and international markets.
Founded in 1993, Dixon Technologies provides its customers with solutions focused on the manufacturing and design of durable consumer goods, home appliances, lighting, cell phones, security devices, set-top boxes, portable devices and of medical equipment. PTI BAL BAL
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