Dixon Technologies Jumps 4% as Govt Clears Vivo JV

Dixon Technologies shares jumped 4% on Friday after the government cleared its smartphone joint venture with China’s Vivo Mobile in India.

The clearance, issued by the Department for Promotion of Industry and Internal Trade on 8 July, allows the two firms to set up a new entity in India to manufacture smartphones, a plan the companies first agreed to explore back in December 2024.

The approval matters because of Press Note 3, a 2020 policy that requires government scrutiny for investments coming from countries sharing a land border with India.

Securing this sign-off clears the last regulatory hurdle standing in the partnership’s way.

Dixon will hold a 51% majority stake in the venture, with Vivo Mobile India holding the remaining 49%. Both firms have signed the final shareholder agreement, which governs how the entity will operate.

The facility will mainly make smartphones for Vivo, though the JV keeps the flexibility to manufacture for other brands too. The venture is expected to be a meaningful growth driver for Dixon.

The company projects the partnership could add 20 to 22 million smartphones to its annual output and bring in around Rs 30,000 crore in extra annual revenue once fully operational.

Production is set to begin by the December quarter, with a target of 11 million units for this financial year. At 11:49 am, shares of Dixon were trading at Rs 13,640, up 1.21% for the day. The stock remains well off its 52-week high of Rs 18,471, reached in September 2025.

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