Skyworth and Jaina Group form JV to make Panasonic TVs in India

Kolkata: China's leading television and appliance maker Skyworth Group is forging a joint venture (JV) with homegrown Jaina Group - formerly known for the Karbonn smartphone brand and now an electronic contract manufacturer - to manufacture and sell Panasonic-branded televisions in India, according to two industry executives aware of the development.

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.