Dixon, Signify partner for OEM business in lighting products & accessories

Dixon Technologies, under the leadership of Sunil Vachani, and the Dutch multinational, Signify (previously known as Philips Lighting), have entered into a binding term sheet to establish a partnership in India, as an original equipment manufacturer (OEM) of lighting products and accessories. This agreement aligns with and further enhances the Government's Make in India and 'Atmanirbhar Bharat' initiatives.

Both Dixon, and Signify will have a 50% ownership interest in the joint venture entity that will be formed to implement this partnership.  However, neither Dixon nor Signify will hold any equity interest in the other company. The joint venture will carry out a portion of Signify’s OEM orders for lighting products in India, as well as participate in OEM business for various lighting products for other brands. Dixon Technologies is the largest contract manufacturer in the country and manufactures products such as smartphones, televisions, washing machines, wearables and hearables, refrigerators, and lighting.

Sumit Joshi, MD and CEO of Signify Innovations India, said the partnership is aligned to the Govt’s ‘Make in India’ vision. “This proposed JV with Dixon will create a world-class manufacturing company that combines the technology leadership, pricing, and offerings to the customers. With Signify’s understanding of lighting technologies and Dixon’s manufacturing excellence, this JV will manufacture high-quality competitive lighting products in India.”

Atul B. Lall, Vice Chairman and MD of Dixon said that Signify comes in as a “strategic partner” into the JV. “… they share our core values of quality, innovation, manufacturing prowess, and customer centricity. We believe this proposed association will bolster our operational efficiency backed by Signify’s process orientation and strong understanding of lighting technologies."