Under the proposed structure, Jaina is expected to hold a majority 51% stake or more, with Skyworth owning the remaining equity. Jaina Group Managing Director Pradeep Jain confirmed the JV but declined to disclose the shareholding structure. The agreement was signed on Wednesday in China.
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“In order to reflect commitment to the Indian market, Skyworth has collaborated with Jaina Marketing and signed a term sheet to establish a JV in India for promoting Panasonic TV business in India,” Jain said. The companies are expected to launch a new product range next month.
Jain added that the partnership will also focus on building local supply chain capabilities. Incidentally, Jaina became Skyworth’s distribution partner for Panasonic televisions in India last month.