Synopsis: The 51:49 Dixon-Vivo joint venture, backed by Vivo’s 120 million-unit annual manufacturing capacity, is nearing government approval. Here’s everything you need to know about the deal and its latest developments.
The article outlines the key highlights of Vivo’s JV with this company, which is an EMS company with operations in the electronic products vertical such as consumer electronics, lighting, home appliances, closed-circuit television cameras, and mobile phones.
With a market capitalization of Rs 77,476 crore, Dixon Technologies (India) Ltd’s shares closed at Rs 12,683 per share, up 1.83 percent from the previous close. The company’s shares gave a return of 177 percent over the last five years. Key highlights of the Joint Venture
Joint Venture Structure
In December 2024, Dixon Technologies announced that it had entered into a joint venture with Vivo India to manufacture smartphones in the country. The partnership was announced through a binding term sheet and marked another major step in strengthening local smartphone manufacturing under India’s Make in India initiative.
Under the agreement, Dixon Technologies will hold a 51 percent stake, while Vivo India will own the remaining 49 percent, giving Dixon a majority ownership in the joint venture. The companies also clarified that neither Dixon nor Vivo India would hold any direct stake in each other outside of the joint venture.
The joint venture will manufacture smartphones for Vivo and can also undertake OEM manufacturing for other brands. While the financial details of the deal were not disclosed, the agreement was made subject to regulatory approvals and the finalisation of definitive agreements between the two companies.
Strategic Benefits
The partnership further strengthens Dixon Technologies’ presence in India’s smartphone manufacturing ecosystem by adding Vivo to its list of global clients. It also expands the company’s contract manufacturing business and creates opportunities to take up OEM production for other brands through the joint venture.
For Vivo, the joint venture supports its long-term manufacturing strategy in India by helping it benefit from the government’s Make in India push. The partnership is expected to improve the company’s manufacturing competitiveness and strengthen its local production capabilities as demand for smartphones continues to grow.
Dixon’s Existing Business
Before the Vivo joint venture, Dixon Technologies had already built a strong presence in smartphone manufacturing by producing devices for Samsung, Xiaomi, Motorola, Oppo, Transsion, Google, and Nothing.
The company further expanded its manufacturing business in 2024 by acquiring a 50.10 percent stake in Ismartu India, the manufacturing arm of Transsion Holdings, for Rs 238.36 crore. With the addition of Vivo, Dixon has further strengthened its position as one of India’s leading smartphone contract manufacturers.
Recent Developments
On June 30, 2026, Dixon Technologies, in a CNBC-Awaaz report, said the company’s proposed joint venture with Vivo was likely to receive government approval soon. According to the report, the approval process had reached its final stage, with only the formal government approval letter pending after the proposal had already received clearance from the Inter-Ministerial Group (IMG).
Once the approval is granted, the joint venture is expected to move ahead with its manufacturing plans in India. Vivo’s manufacturing facility in Noida is likely to be brought under the joint venture, where it will produce a part of Vivo’s smartphones for the domestic market and also undertake OEM manufacturing for other electronic brands. The move is also expected to reduce Vivo’s regulatory and operational exposure in India.
The partnership could significantly strengthen both companies’ manufacturing scale. Vivo reportedly sold around 3.5 crore smartphones in India during 2025, while Dixon manufactured nearly 3.2 crore mobile phones during the same period.
The mobile phone and electronics manufacturing services (EMS) business generated Rs 44,257 crore in FY26, contributing about 90.6 percent of Dixon’s total revenue of Rs 48,873 crore, underscoring the segment’s dominant role in the company’s overall business.
About the Company
Dixon Technologies (India) Limited, incorporated in 1993, is an Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliances, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations.
Financial Highlights: Revenue from operations of Rs 10,511 crore, compared to Rs 10,293 crore in Q4 FY25, reflecting a 2.1 percent YoY increase. The company’s operating margin remained unchanged at 4 percent. However, net profit declined 35.9 percent YoY to Rs 298 crore from Rs 465 crore, while EPS fell 36.6 percent YoY to Rs 42.17 from Rs 66.54 in the corresponding quarter last year.
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