Chinese LED manufacturer Leyard intends to expand its business in the Indian market by investing in Indian LED manufacturer MIC Electronics, according to a report from Indian newspaper The Economic Times.
Leyard will be spending INR 12.5 billion (US $ 195.13 million) to purchase 50 million MIC Electronics shares for INR 25 each. Of the 50 million shares, 20 million will be company shares while the remaining 30 million are convertible preferential shares, according to MIC Electronics filings.
MIC Electronics is an Indian LED display and lighting manufacturer. Based on the report, Leyard and MIC are aiming to establish a strong design and LED manufacturing base in India.
