Shares of Dixon Technologies (India) Ltd surged 2% on 10 September after the company announced signing a Memorandum of Understanding (MoU) with PC major HP India.

In a statement issued by Dixon Tech on 9 September, the company said that its subsidiary, Padget Electronics is set to sign an agreement with HP India to make HP’s desktops, notebooks, and all-in-one PCs under the PLI 2.0 scheme in India . 

The production will take place at Padget Electronics’s new facility, which is being established in Chennai. 

Ipsita Dasgupta, HP managing director for the India market, said, “Through this partnership, we look forward to offering our customers in India an enhanced portfolio of domestically manufactured products that combine HP’s cutting-edge technology with Dixon’s manufacturing expertise.”

Dasgupta added that the announcement reaffirms the company’s pride and commitment to participate in the government’s  Make in India initiative. 

Earlier in July, the company announced that it would begin making Google Pixel smartphones in September and is also in talks with another global handset company. 

Padget Electronics is setting up its new facility in Oragadam under the IT Hardware PLI (Product Linked Incentive) 2.0 Scheme to manufacture desktops, laptops, and all-in-one devices. 

The company said, “Spanning across 3,00,000 square feet, the plant is projected to create 1,500 direct jobs. At peak capacity, it will be capable of producing 2 million units annually.” 

At 11:36 am, the shares of Dixon Technologies were trading 0.65% higher at Rs 12,481.65 on NSE.

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