 "PG Electroplast forms joint venture with Jaina Group to manufacture LED TV")
PG Electroplast Ltd, a contract manufacturer in the consumer electronics and appliances space, would set up a joint venture (JV) which will initially undertake ODM manufacturing of Google-certified LED televisions.
The JV will have an option later to expand the partnership to include products like refrigerators, IT hardware, wearables, and hearables, said a joint statement on Monday.
"Post the execution of mutually acceptable agreements by the parties, the JV Company will be 50 per cent owned by PG Electroplast & 50 per cent owned by Jaina Group," it said.
Jaina Group owns and operates four brands of Karbonn, Gionee, Sansui, and Sens, and it is among three Google ODM licensees.
Commenting on the development Jaina Group Founder and Managing Director Pardeep Jain said: "This partnership will strengthen India's electronics manufacturing industry & contribute towards the goal of an Atmanirbhar Bharat. With PGEL's manufacturing pedigree & our deep experience in consumer electronics, this venture is well positioned to be a leading player in its space..
PG Electroplast Managing Director (Operations) Vikas Gupta said: "Jaina is a well-established and trusted name in the industry and the new JV will help strengthen our position and increase our addressable market by providing a great alternative for brands looking for manufacturing partners.