Dixon Tech buys 56% stake in manufacturing service provider Ismartu India

Home
Industry News
Dixon Tech buys 56% stake in manufacturing service provider Ismartu India

Dixon Tech buys 56% stake in manufacturing service provider Ismartu India

Industry News
Jul 22,24

Dixon Technologies is known for its EMS offerings across various segments, including lighting solutions, televisions, washing machines, security systems, wearables, and hearables.

Dixon Tech buys 56% stake in manufacturing service provider Ismartu India

The Competition Commission of India (CCI) has approved the proposed acquisition by Dixon Technologies of a 56% stake in Ismartu India.

Ismartu India, subsidiary of Ismartu Ind Pte. Ltd., provides Engineering and Manufacturing Services (EMS) for mobile phones and other ancillary services. It operates under the brand names 'Itel', 'Infinix', and 'Tecno'.

"The Competition Commission of India (CCI) has approved the acquisition of up to 56% shareholding of Ismartu India Private Ltd by Dixon Technologies (India) Ltd," stated the CCI in a release.

Dixon Technologies is known for its EMS offerings across various segments, including lighting solutions, televisions, washing machines, security systems, wearables, and hearables.

In April, Dixon Technologies announced its intent to acquire the stake in Ismartu India Pvt Ltd in two tranches through a share purchase agreement.

In a separate release, the CCI also approved the indirect controlling acquisition of Arjas Steel Pvt Ltd and Arjas Modern Steel by Sandur Manganese & Iron Ores Ltd (SMIORE) and BAG Holdings Pvt Ltd (BHPL).

"The proposed combination relates to the acquisition of control of Arjas Steel Pvt Ltd (ASPL) and an indirect control of its wholly-owned subsidiary, Arjas Modern Steel Pvt Ltd (AMSPL) by Sandur Manganese & Iron Ores Ltd (SMIORE) and BAG Holdings Pvt Ltd (BHPL)," the CCI noted.

SMIORE, listed on BSE and NSE, is engaged in the mining of iron ore and manganese ore, as well as the production and sale of ferroalloys and coke in India. BHPL, an affiliate of SMIORE, along with ASPL and AMSPL, is involved in manufacturing and selling steel products, heavy ingots, and other intermediate products like billets.

Deals surpassing certain thresholds require CCI approval to ensure fair competition and to prevent unfair business practices.

(Source: Rediff)