Khaitan & Co acted as joint deal counsel on the joint venture between Dixon Technologies (India) Ltd and Longcheer Intelligence Pte. Ltd into Dixtel Infocom Pvt Ltd. Post-closing, Dixon holds 74% and Longcheer holds 26% of the total paid-up share capital of Dixtel.
Dixtel will be engaged in the business of manufacturing and supply of smart phone/tablets, true wireless stereo, smart watch, AI PC, automotive electronics, healthcare devices, etc. This collaboration will introduce several key advancements, particularly in Original Design Manufacturer (ODM) expertise and will facilitate the localisation of the non-semiconductor sub-component manufacturing in India.
The joint venture is under approval route and the applicable approval under Press Note 3 of 2020 was obtained prior to closing of the joint venture.
The Firm advised both Dixon and Longcheer on the structuring, drafting, negotiation, finalisation and execution of the joint venture documentation, and assisted on transaction implementation and closing aspects.
The core team consisted of Atul Pandey (Partner), Arjun Bhagi (Partner), Varun Yadav (Principal Associate) and Mehul Mehta (Associate).