 "Dixon Technologies")
In July, Dixon Technologies (India) announced its plans to divest its entire 50 per cent stake in the JV company AIL Dixon Tech to Aditya Infotech.
Fair trade regulator CCI on Tuesday granted its approval to Dixon Technologies’ proposal to acquire a stake in Aditya Infotech Ltd.
Dixon Technologies (India) Ltd is involved in the business of providing Electronic Manufacturing Services (EMS). It provides EMS for lighting solutions, television, washing machines, security systems, wearables and hearables, among others.
The regulator also cleared the acquisition of a stake in AIL Dixon Technologies by Aditya Infotech Ltd (AIL).
“Commission approves the subscription of certain shares of Aditya Infotech Ltd (AIL) by Dixon Technologies (India) Ltd and the acquisition of certain shares of AIL Dixon Technologies Pvt Ltd by AIL,” CCI said in a post on X.
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AIL Dixon Technologies is a joint venture (JV) company between AIL and Dixon Technologies India. It is engaged in manufacturing and assembling of ESS. During FY24, the JV recorded a revenue of Rs 632.62 crore.
Aditya Infotech is engaged in the business of sourcing, distributing and marketing electronic security systems under its brand name CP Plus. It is an unlisted public company and had posted a revenue of Rs 2,298 crore for the financial year ending March 2023.
In July, Dixon Technologies (India) announced its plans to divest its entire 50 per cent stake in the JV company AIL Dixon Tech to Aditya Infotech.
As part of the transaction, Dixon said it has signed a share subscription and purchase agreement with AIL to acquire a 6.5 per cent stake in the company in exchange for the divestment.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 10 2024 | 10:52 PM IST
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