MIC Electronics Ltd said it formed a joint venture with Taiwan-based home lighting appliances manufacturer Home Resources Ind Co Ltd to produce light-emitting diode (LED) products in India. No financial details were provided.
The agreement aims to manufacture innovative and cost effective LED lighting products for both urban and rural applications in India. The agreement envisages manufacture of around 1 lakh lights in the next six months and around a million in the next 18 months, the company said in a regulatory filing.
On Monday, MIC Electronics shares closed 0.4% up at Rs40 on the Bombay Stock Exchange, while the Sensex ended at 0.1% down at 17,928 points.
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