Dixon Technologies has entered into an equal joint venture (JV) with Imagine Marketing to undertake design and manufacturing of wireless audio solutions in India. Imagine Marketing is the makers of electronic brand, Boat. The two companies will also co-invest in the evolving Indian mobile accessory market as part of the Make in India initiative.
As per the term of the agreement, the JV will invest Rs 400 million over the next four years while expecting a production value of almost Rs 10 billion by then.
In addition, the JV also intends to apply for the production linked incentive (PLI) scheme for the categories as and when the government announces it.
The anchor customer will be Boat. Also, while it will initially manufacture wireless audio products, the JV aims to launch other products in phases. Further, since the previous fiscal year, Dixon Technologies has been manufacturing wearables for Boat.
