Q Technology (Group) (HKG:1478) agreed to sell a majority stake in its Indian unit Q Tech India to Dixon Technologies (BOM:540699) for over 461 million yuan, according to a Hong Kong bourse filing Tuesday.

Shares of the machine vision and human vision services provider fell nearly 1% in morning trade on Wednesday.

The company said it entered a binding term sheet to sell 51% of Q Tech India's paid-up share capital to Dixon, a producer operating in the consumer durables, lighting, and mobile phones space, and both sides would now negotiate a formal agreement within 180 days.

Following the sale, Q Technology will end up owning the remaining 49% of Q Tech India, the company said.