Dixon Technologies (India) Receives PN3 approval for Vivo joint venture

Research evidence excerpt

Dixon Technologies (India) Receives PN3 approval for Vivo joint venture

Global Research

9 July 2026ab

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EquitiesDixon Technologies (India)

Receives PN3 approval for Vivo joint venture India

Consumer Electronics

Dixon’s Vivo JV receives long-awaited PN3 approval 12-month rating (UR) Buy *

Dixon has informed the stock exchanges that Press Note 3 (PN3) approval from the

Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce 12m price target (UR) Rs13,700.00

and Industry, for its proposed joint venture with Vivo to manufacture electronic devices,

Price (09 Jul 2026) Rs13,490

including smartphones has been received.This approval marks an important milestone

for the long-awaited partnership. Dixon had entered into a binding term sheet with Vivo RIC: DIXO.BO BBG: DIXON IB

Mobile India Private Limited (VMI) on 15 December 2024, under which the proposed Trading data and key metrics

joint venture will be owned 51% by Dixon and 49% by VMI. The JV entity will be

52-wk range Rs18,327.00-9,669.50

classified as a subsidiary of Dixon and will undertake the manufacturing of smartphones

Market cap. Rs800b/US$8.39b

and other electronic devices in India. As per press release at closing of the proposed

Shares o/s 59.3m (ORD)

transaction, the JV company will purchase certain manufacturing assets by way of an

asset purchase agreement, and enter into a manufacturing and packaging agreement Free float 54%

with VMI to undertake part of OEM orders of VMI products. Avg. daily volume ('000) 634

Avg. daily value (m) Rs7,267.8

Positive development; adds to growth for FY27/FY28 Common s/h equity (03/26E) Rs46.8b

PN3 approval for the Dixon–Vivo JV is a positive development and strengthens the P/BV (03/26E) 17.5x

company’s medium-term revenue growth outlook.