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Dixon and Signify announced the execution of a binding term sheet on 27 March 2025 for a proposed joint venture in India for carrying on the business as an original equipment manufacturer (OEM) of lighting products and accessories. Each of Dixon and Signify will hold 50% stake in the joint venture entity to be incorporated for this purpose. Neither Dixon nor Signify will have any stake in each other.
Parties will agree to the detailed provisions in relation to setting up the JV entity, its governance, valuation of transaction and other terms and conditions in the definitive agreements. The transaction will be subject to execution of such definitive agreements, completion of customary conditions precedent and receipt of applicable regulatory approvals, if applicable.
The joint venture will undertake part of Signify's OEM orders of lighting products in India, and will also engage in OEM business of various lighting products of other brands.
Dixon will acquire 50% stake in the JV Company for consideration other than cash by transfer of its lighting business to the JV Company, including its entire shareholding in DTSPL to the JV Company.
Signify will acquire 50% stake in the JV Company for cash consideration which will be used to acquire Signify's LED manufacturing business.