Mumbai, Jun 18 (UNI) India Business Excellence Fund (IBEF), advised and managed by Motilal Oswal Venture Capital Advisors Pvt Ltd (MOVCAPL) has invested Rs 400 million in Dixon Technologies India Private Limited (Dixon), one of the country's largest homegrown Electronics Manufacturing Services (EMS) companies, growing at a CAGR of 35 per cent over the past 4 years.
The investment will be utilized to expand the Company's existing manufacturing facilities at Dehradun, Noida and Mohali and to set up a new facility near Chennai, to service the requirements of the south zone.
Dixon is into manufacturing of a wide range of consumer durables and appliances, including digital TVs, DVD players, air conditioners, microwave ovens and digital cable set top boxes, for many prominent domestic and international brands besides selling under its own 'Weston' brand. Dixon is also foraying into design and manufacturing of new, high technology product lines and the investment secured will support the Company in its growth plans.
Commenting on the investment, Dixon CMD Sunil Vachani said, ''We had received interest from several investors, but the team at MOVCAPL echoed our vision of the road ahead for Dixon and backed it up with their wholehearted support.'' Meanwhile, Mr Raamdeo Agrawal, Chairman of MOVCAPL said, ''The decision to invest in Dixon was influenced by its management's commitment to cost efficient manufacturing, while maintaining the highest quality standards. There is tremendous market potential for products such as consumer electronics and durables. We believe that Dixon will be at the forefront of the opportunity.'' UNI AR SR SKB1530