Dixon Technologies Acquires 56% Stake in Ismartu India Dixon Technologies offers electronic manufacturing services for diverse products, including lighting solutions, televisions, washing machines, security systems, and wearables.
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The Competition Commission of India (CCI) has granted approval for Dixon Technologies' proposed acquisition of a 56% stake in Ismartu India.
Ismartu India specialises in providing EMS (Engineering and Manufacturing Services), particularly in the manufacturing of mobile phones and other ancillary services. Operating under the brand names 'Itel', 'Infinix', and 'Tecno', Ismartu India is a subsidiary of Ismartu Ind Pte Ltd.
Dixon Technologies, which also provides EMS for a variety of products including lighting solutions, televisions, washing machines, security systems, and wearables, announced in April its intention to acquire up to 56% stake in Ismartu India through a share purchase agreement to be executed in two tranches.
In a separate announcement, CCI also approved the indirect controlling acquisition of Arjas Steel Pvt Ltd and Arjas Modern Steel by Sandur Manganese & Iron Ores and BAG Holdings.
"The proposed combination relates to the acquisition of control of Arjas Steel Pvt Ltd (ASPL) and indirect control of its wholly-owned subsidiary, namely Arjas Modern Steel Pvt Ltd (AMSPL), by 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 the mining of iron ore and manganese ore, the production and sale of ferroalloys, and the production and sale of coke in India.
BHPL is 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.
