US-based LED manufacturer Lighting Science Group, a global leader in its business, plans to enter the Indian market by September with an eye to grab 20% share of the market over three years.
The company is in advanced talks with three to four domestic LED manufacturers to float an Indian joint venture (JV), industry sources said. Lighting Science Group will hold a majority stake in the joint venture to be named Lighting Science India. The company plans leveraging existing retail network and manufacturing lines of its Indian partner.
Lighting Science Group managing director (India) Arun Narayan told ET that the current Indian market is estimated at $40 million (about 180 crore) and is likely to grow to $400 million (Rs 1, 800 crore) by 2014. The company, managed by $2 billion Pegasus Capital Advisors, has applied for Nasdaq listing.
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