MIC Electronics has signed Strategic Alliance Agreement (SSA) with Beijing bases Leyard Optoelectronics Co.

The SSA agreement envisages in-depth cooperation between the two companies in the field of LED Applications. It will provide facilities both the companies to expand their product offerings in their respective countries leveraging each other’s product portfolios. MIC can expand in small pitch LED display offering to include 1.6 mm to 3.0 mm. Also the agreement enables MIC to offer other LED displays at 3 different price points to meet the price to performance needs of customers. MIC will continue to use its proprietary controllers and software customized for the Indian market while augmenting mechanical capabilities. The agreement facilitates Leyard to offer high end LED street lighting & solar LED lighting products for different customers.

As per agreement, both the companies can jointly develop Advance LED Application, 3D & holographic software and content development for world markets.

Meanwhile, leveraging their partnerships with leading LED vendors, MIC and Leyard will form a JV with a total investment of $50 million (approx. Rs 270.65 crore) for manufacturing of LED Chip and/or packing in India along with a global IT company to address the rapidly growing LED market in India and South Asia.