Dixon Technologies Acquires Majority Stake in Ismartu India
Jul 18, 2024 22:29
Competition Commission of India approves Dixon Technologies' acquisition of 56% stake in Ismartu India, a mobile phone manufacturer. This deal expands Dixon's presence in the electronics manufacturing services (EMS) market.
New Delhi, Jul 18 (PTI) The Competition Commission of India on Thursday cleared electronic manufacturing services firm Dixon Technologies' proposed acquisition of 56 per cent stake in Ismartu India.
Ismartu India is in the business of providing EMS (Engineering and Manufacturing Services), in relation to the manufacturing of mobile phones and other ancillary services. Ismartu operates under brand names of 'Itel', 'Infinix' & 'Tecno'. It is the Indian subsidiary of Ismartu Ind Pte. Ltd.
"The Competition Commission of India (CCI) has approved the acquisition of up to 56 per cent shareholding of Ismartu India Private Ltd by Dixon Technologies (India) Ltd," the regulator said in a release.
Dixon Technologies also provides EMS for lighting solutions, television, washing machines, security systems, wearables and hearables etc.
In April this year, Dixon Technologies announced signing a share purchase agreement to acquire up to 56 per cent stake in Ismartu India Pvt Ltd in two tranches.
In another release, CCI said it has approved the indirect controlling acquisition of Arjas Steel Pvt Ltd and Arjas Modern Steel by the Sandur Manganese & Iron Ores and BAG Holdings.
"The proposed combination relates to the acquisition of control of Arjas Steel Pvt Ltd (ASPL) and, an indirect control of its wholly-owned subsidiary, namely Arjas Modern Steel Pvt Ltd (AMSPL) by the Sandur Manganese & Iron Ores Ltd (SMIORE) and BAG Holdings Pvt Ltd (BHPL)," CCI said.
SMIORE, a BSE and NSE-listed company, is primarily engaged in mining of iron ore and manganese ore, production and sale of ferroalloys and production and sale of coke, in India.
BHPL, an affiliate of SMIORE, while ASPL and AMSPL are engaged in the manufacturing and sale of steel products, heavy ingots, and certain other intermediate products, like, billets.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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