Latest news with #Dixon
Time of India
14 hours ago
- Business
- Time of India
Dixon's JV firms with Chinese companies to face govt scrutiny under Press Note 3 rules
The government will scrutinise recent agreements of domestic electronics contract manufacturer Dixon with Chinese firms Chongqing Yuhai and Kunshan Q has signed separate agreements with Chinese electronic component firms -- Chongqing Yuhai Precision Manufacturing Co Ltd and the Indian arm of Kunshan Q Technology -- for manufacturing and sales of electronic components used in electronic devices like mobile phones and laptops, among others."Due process will be followed when their application comes under Press Note 3 rules," an official Chongqing Yuhai Precision Manufacturing Co Ltd, Dixon plans to set up a joint venture for the business of manufacturing and supply of precision components for laptops, mobile phones, IoT, automotive and any other products. Dixon is likely to hold a 74 per cent stake in the JV, and the rest will be owned by Chongqing. The company has also announced the signing of a binding term sheet with Kunshan Q Tech Microelectronics (India) Private Limited (Q Tech India) and its shareholders -- Q Technology (Singapore) Private Limited and Kunshan Q Technology International Limited, for the proposed acquisition of an aggregate of 51 per cent shareholding in Q Tech India. Kunshan Q Technology is based out of China. With this collaboration, Dixon plans to manufacture, sell and distribute camera and fingerprint modules for mobile handsets, internet of things (IoT) systems and automotive applications. Dixon Technologies has announced its participation in the Rs 22,919-crore incentive-based Electronics Components Manufacturing Scheme .
Daily Mirror
15 hours ago
- Business
- Daily Mirror
UK supermarket chain with 1,200 stores announces 'disappointing' closure
No exact closure date has been announced, but the lease on the building is reported to end in September Asda has announced plans to close one of its stores, putting 50 jobs at risk. The supermarket wants to close its Anchor Retail Park, Stepney Green, branch as it is no longer "viable commercially". No exact closure date has been announced, but the lease on the building is reported to end in September. Asda told the Barking and Dagenham Post that it would try to offer affected workers other roles within the company. Asda has around 1,200 stores. GMB regional officer Keith Dixon said: 'This is devastating news for the shop staff, many of whom have worked for Asda for years. It will also be a blow to the wider community who have used this store since its opening in 2016. 'We have many GMB members in this store and they are understandably concerned about their jobs. We hope that the majority may be able to move to neighbouring stores, but if this is not possible there could be job losses." Mr Dixon added: 'GMB are attending consultation meetings, which are still ongoing, and we hope to secure available positions for all affected members. 'Those who do not wish to deploy will face redundancy. We will support them through the process and ensure they receive the package they are entitled to.' An Asda spokesperson said: 'We are currently consulting with colleagues regarding the proposed closure of our Stepney Green supermarket. "The lease on the premises is due to expire in September, and unfortunately, the new terms proposed by the landlord include a significant rent increase, which would make the store financially unviable. "Our priority throughout this process is to support our colleagues, and wherever possible, we will look to redeploy them to other roles within Asda. 'We also understand that customers will be disappointed by this decision if it goes ahead, but we would like to reassure them that they can still get their favourite products and great value at our nearby Isle of Dogs superstore.' It comes after Asda opened its first stand-alone George concept store in Leeds. The shop features George clothing, home and garden ranges from the supermarket and is located in the Crown Point Retail Park. Asda wants to replace all its existing Asda Living stores with this new format. Highlights include the George Spring/Summer 2025 collection, as well as children's ranges from Erica Davies and Billie Faiers, plus the latest At Home with Stacey Solomon Spring/Summer collection. The new store also features an Asda cafe, with an upgraded menu of hot and cold food. As well as manned checkouts, there are self-service options plus click and collect.
Time of India
a day ago
- Business
- Time of India
Dixon's JV firms with Chinese companies to face govt scrutiny under Press Note 3 rules
Synopsis The government will review Dixon's recent deals with Chinese companies Chongqing Yuhai and Kunshan Q Technology. Dixon plans a joint venture with Chongqing for precision components. It also intends to acquire a majority stake in Kunshan Q Tech India. This collaboration aims to produce camera and fingerprint modules. Dixon Technologies is participating in the Electronics Components Manufacturing Scheme.
Business Standard
2 days ago
- Automotive
- Business Standard
Dixon Tech climbs on signing two strategic deals to boost electronics manufacturing
Dixon Technologies (India) rose 1.63% to Rs 16076.20 after the company announced two major strategic agreements aimed at strengthening its presence in India's electronics component ecosystem. In the first deal, Dixon signed a binding term sheet to acquire a 51% stake in Q Tech India. The collaboration will focus on manufacturing, sale and distribution of camera and fingerprint modules for mobile handsets, internet of things (IoT) systems and automotive applications. The acquisition will be completed through a mix of primary and secondary investments and is subject to regulatory approvals and definitive agreements. Atul B. Lall, vice chairman and managing director of Dixon Technologies (India), added that "Acquiring majority stake in Qtech India is a major step forward in Dixons journey foraying into development and production of camera modules and fingerprint recognition modules across mobile handsets, IoT devices and automotive applications thereby strengthening backward integration plans of the company. The proposed acquisition of a majority stake in Q Tech India aligns with our long-term vision to be a leading enabler in Indias electronics manufacturing ecosystem by combining Q Techs technological expertise with Dixons manufacturing scale and operational excellence." In a separate development, Dixon also entered into a binding term sheet with Chongqing Yuhai Precision Manufacturing Co. to form a joint venture in India. Under the proposed structure, Dixon will hold a 74% stake, while Chongqing will own 26%. The JV will engage in the manufacturing and supply of precision components for laptop, mobile phones, IoT, automotive and any other products in India. Commenting on this alliance, Lall added, "We are delighted to announce our strategic collaboration with Chongqing Yuhai Precision Manufacturing Co., a global leader in mechanical enclosures through a prospective joint venture. This joint venture with Chongqing will focus on manufacturing precision mechanical & metal parts & components for a wide range of applications including laptops, mobiles, IoT, automotive which is a significant step in our effort towards localisation of key components, deepening backward integration in Dixon value chain & supporting the Make in India initiative of the government. We look forward to combining Chongqing's deep technical expertise with Dixons robust manufacturing infrastructure & customer access. This will mark a significant step forward in our continued journey to strengthen Indias electronics manufacturing ecosystem through high-precision components and advanced technologies. We look forward to mutually enrich this relationship that creates long-term value for our customers and stakeholders." Dixon Technologies is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India. The company is scheduled to announce its Q1 results on 22 July 2025. On a consolidated basis, net profit of Dixon Technologies (India) surged 321.16% to Rs 400.82 crore while net sales soared 120.97% to Rs 10292.54 crore in Q4 March 2025 over Q4 March 2024.
Scottish Sun
2 days ago
- Business
- Scottish Sun
British supermarket giant with over 1,200 locations announces ‘devastating' closure of store with 50 jobs at risk
Major supermarket to close one of its stores in a matter of months 'HUGE BLOW' British supermarket giant with over 1,200 locations announces 'devastating' closure of store with 50 jobs at risk Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A SUPERMARKET giant has announced a "devastating" store closure - putting 50 jobs at risk. The popular chain confirmed that it proposes to shut its shop doors due to a rent increase that would make the store no longer "viable commercially", Barking and Dagenham Post reports. Sign up for Scottish Sun newsletter Sign up 2 Asda has announced a store closure which could put 50 jobs on the line Credit: Google Maps Jobs at risk as supermarket announces closure The current lease ends in September. This closure of Asda's store in Anchor Retail Park, Stepney Green could impact 50 of its employees. The news has been described as "devastating" by GMB union. GMB region officer Keith Dixon told Barking and Dagenham Post: "This is devastating news for the shop staff, many of whom have worked at Asda for years. "We have many GMB members in this store and they are understandably concerned about their jobs." He added: "We hope that the majority may be able to move to neighbouring stores, but if that is not possible there could be job losses." Mr Dixon also explained that this closure will be a massive blow to the community who have used the store since its opening nearly 10 years ago. GMB are attending ongoing consultation meetings in the hopes of securing positions at other locations for these employees. Mr Dixon explained that those who do not wish to move stores will unfortunately face redundancy. Costa Coffee Shuts Whitstable Branch: What Shop Closures Mean for UK High Streets Asda issues statement An Asda spokesperson said: 'We are currently consulting with colleagues regarding the proposed closure of our Stepney Green supermarket. "The lease on the premises is due to expire in September, and unfortunately, the new terms proposed by the landlord include a significant rent increase, which would make the store financially unviable. "Our priority throughout this process is to support our colleagues, and wherever possible, we will look to redeploy them to other roles within Asda. 'We also understand that customers will be disappointed by this decision if it goes ahead, but we would like to reassure them that they can still get their favourite products and great value at our nearby Isle of Dogs superstore.' Supermarket closures in 2025 Asda is not the only major retailer facing store closures. The Sun reported last month that a number of Co-op branches are at risk of shutting their doors. The popular high street store could be closing 34 locations after facing financial struggles. Morrisons also shuttered 16 of its stores in April this year as the retailer continues to make cuts. Residents took to Facebook to express their disappointment, with one writing: "It's such a shame." Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
