New Delhi, March 27, 2025

Dixon Technologies (India) Limited (“Dixon”) and Signify Innovations India Limited (“Signify”) have signed a binding term sheet for a proposed joint venture (JV) focused on the Original Equipment Manufacturing (OEM) business of lighting products and accessories in India.

Under the proposed agreement, both Dixon and Signify will hold equal equity (50% each) in the joint venture entity. Neither company will hold any stake in the other. The joint venture will initially undertake part of Signify’s OEM orders in India and will also serve other lighting brands.

The final structure, governance model, valuation, and terms of the JV will be outlined in definitive agreements, which will be subject to customary conditions precedent and regulatory approvals where applicable.

This partnership is a strategic move that combines Dixon’s strong manufacturing capabilities and Signify’s leadership in lighting technology, aligning with the Government of India’s ‘Make in India’ vision and reinforcing Dixon’s presence in the lighting ecosystem.

Mr. Atul B. Lall, Vice Chairman and Managing Director of Dixon, added “It gives us immense pleasure to partner with Signify India, the leader in the lighting segment. We see them as an ideal strategic partner that shares 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."

“Aligned to the government’s Make in India vision, this proposed joint venture with Dixon Technologies will create a world-class manufacturing company that combines the technology leadership, pricing, and offerings to the customers. With Signify’s unparalleled understanding of lighting technologies and Dixon’s manufacturing excellence, this joint venture will manufacture high-quality competitive lighting products in India.” said Mr. Sumit Joshi, MD and CEO, Signify Innovations India Ltd.

About Dixon Technologies (India) Limited:
Dixon Technologies is India’s largest* home-grown, design-focused, and solutions-led electronics manufacturer. It operates across several verticals including consumer electronics (LED TVs), home appliances (washing machines, refrigerators), lighting products (LED bulbs, battens, downlighters), mobile phones, wearables & hearables, telecom equipment, and IT hardware. Dixon also offers repair and refurbishment services under its reverse logistics business.

*Source: Project Rise: Indian Consumer Electronics & Appliances Market Study by Frost & Sullivan India Pvt. Ltd.