NEW DELHI: Leading contract manufacturer Dixon Technologies (India) will acquire a majority stake in Ismartu India, a firm engaged in electronics and mobile devices manufacturing, in an all-cash deal.

The company has entered into a share purchase agreement to acquire 50.10 per cent stake in the first tranche from Ismartu Singapore, Transsion Technology Ltd, 5A advisors LLP.

“Tranche I shares will be acquired by the company for an aggregate initial consideration amount of Rs 238.36 crore, subject to pre-closing and post-closing adjustments in accordance with the terms of the share purchase agreement,” it said.

Ismartu, which operates under brand names of ‘Itel’, ‘Infinix’ & ‘Tecno’ has three manufacturing facilities in Noida and is among market leaders in feature phones categories in India.