Dixon Technologies (India) said that it has entered into a binding term sheet with Ibahn Illumination (Ibahn), whereby Ibahn has agreed to transfer its cutting edge technologies of smart lighting solutions.
The technology proposed to be transferred shall include the technology developed by Ibahn pertaining to BLE Mesh Smart Lighting (app, firmware, hardware, and cloud hosted database) that provides consumers with a wide range of combination & control as well as work-in-progress technology pertaining to wi-fi based technology solutions for its lighting products.
Bluetooth Mesh is a computer mesh network standard based on bluetooth low energy (BLE), a wireless personal area network technology designed to provide low-cost & low energy consumption connectivity.
The transaction shall be consummated upon execution of all the necessary definitive agreements as per the term sheet, Dixon said.
Atul B. Lall, vice chairman & managing director of Dixon Technologies stated, We are thrilled to buy the smart lighting solutions from Ibahn to offer the best of lighting & technology to our customers in lighting business.
Globally the market for smart lighting is large & Dixon wants to gear up & be ahead on the technology front. I am confident that this addition of smart lighting solutions to the existing technology & R&D base of the company shall prove to be an important milestone in our journey of continuous innovation in our lighting business.
Dixon Technologies (India) is the largest home-grown design-focused and solutions company engaged in contract manufacturing products in the consumer durables, lighting and mobile phones markets in India.
The company reported a 151.7% surge in consolidated net profit to Rs 45.70 crore on 52.9% jump in net sales to Rs 2,855.07 crore in Q1 FY23 over Q1 FY22.
The scrip shed 0.64% to currently trade at Rs 4420.45 on the BSE.
In the past three months, the stock has advanced 31.74% while the benchmark Sensex has added 15.28% during the same period.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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