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MIC Electronics Ltd and Leyard Optoelectronics Co Ltd, based in Beijing, have entered into a strategic alliance in the LED (light emitting diode) light business.
The joint venture will see an investment of about $50 million (about Rs 250-270 crore) for the manufacture of LED chip and packaging facility in India along with another company to offer products in the country and South-East Asia.
M.V. Ramana Rao, Chairman and Managing Director, MIC, and Li Jun, President of Leynard, the Chinese company, signed an agreement at Infocomm China 2013 held in Beijing recently.
The alliance paves way for co-operation between the two companies in LED-related business enabling MIC to expand the product range. Leyard will be able to offer LED street lights and solar LED lighting products.
They plan to jointly develop other LED applications, 3D and holographic software and take up content development.
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