9AUGUST 2025DIXON TECHNOLOGIES & HKC TO FORM JV FOR LIQUID CRYSTAL MODULE SUPPLYULTRATECH CEMENT UNVEILS HYBRID RENEWABLE ENERGY BREAKTHROUGHDixon Technologies (India) Limited has announced that it has entered into a Term Sheet with HKC Corporation Limited to form a joint venture in India. The joint venture will manufacture and supply Liquid Crystal Modules (LCM), for the Indian domestic market and for select international customers.UltraTech Cement Limited, the largest manufacturer of cement and ready-mix concrete in the country, today announced the successful commissioning of a hybrid renewable energy system at its Sewagram Cement Works in Gujarat.This marks a first step into India's industrial energy arena, where an on-site system combines solar energy, a wind component, and battery storage to provide continuous clean energy for manufacturing.The partnership will combine HKC's substantial capabilities in advanced display technologies and its global leadership in the space with Dixon's deep manufacturing expertise and broad footprint in India's electronic ecosystem.As per the term sheet, HKC Corporation will hold 26% of the joint venture company, DDTPL, and Dixon Technologies will hold 74%. The number of shares issued to each partner will be determined based on the fair value of DDTPL, as determined by a valuation report.The procedure will be compliant with Rule 21 of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, which provide rules regarding the valuation of shares to ensure a level of transparency and compliance with regulatory requirements.The total investment by both parties will depend on a fixed amount in U.S. dollars exchanged into Indian rupees at the time of completion of the transaction. The joint venture is subject to the signing on definitive agreement and regulatory approvals.Dixon Technologies is India's largest home-grown design and manufacturing firm, with a portfolio that includes consumer electronics, home appliances, lighting equipment, mobile phones, security systems, and display solutions. This collaboration with HKC aims to strengthen India's display technology manufacturing capabilities, and position the company better in global supply chains. The 7.5 MW hybrid system seamlessly integrates bifacial solar panels with smart tracking, wind turbines, and the appropriate storage technology, while being designed to work completely off the grid.This project was operationalised in partnership with Gentari and fully ensures full continuous green energy supply to cement production, while significantly reducing both emissions and operational costs. Beyond the value to the cement sector, this serves to indicate to the pharma and broader energy sectors the value of hybrid renewable energy systems as a reliable and sustainable energy solution.UltraTech's announcement and commissioning is part of a larger vision to reach Net Zero emissions by 2050 and in FY25, it became one of the first installations in the Indian industrial sector at 1 gigawatt of renewable energy capacity for captive supply. In the future, UltraTech is planning to buy 65% of its electricity from renewables, over 70% by 2027 and 85% by 2030, before reaching its RE100 commitment with 100% by 2050.This revolutionary implementation shows industries can use tailored renewable energy solutions to future-proof their operations, minimizing carbon footprint and addressing global sustainability considerations.
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