LeEco plans to open exclusive retail stores in India

In its bid to make inroads in India, Chinese smartphone maker LeEco says it plans to open fully owned exclusive retail stores in top cities in the country.

The company also filed an application with the Foreign Investment Promotion Board (FIPB) for undertaking single brand retail trading of electronic products - both through brick and mortar stores and e-commerce portals and sought 30 percent domestic sourcing rule to extend its services to Indian consumers.

"India is a key market for LeEco and we plan to significantly invest in setting up our business model in the country. We plan to strengthen our presence in the market by opening our own stores and e-commerce portal to offer our users the best-in-class experience," LeEco India's COO, smart electronics business, Atul Jain said in a statement.

The company plans to open its exclusive retail stores in with New Delhi, Mumbai, Bengaluru to display its products - phones, TVs, VR headsets, bluetooth devices and power banks.

Additionally, the company will also open 500 franchise stores so that customers can experience their products.

"We at LeEco are also aligned with the government's Make in India initiative and also plan to start manufacturing in India very soon," Jain added.

Earlier this month, the global player also announced setting up in-house Content Delivery Networks (CDNs) in 10 cities across India by end of 2016, making a significant investment of over $10 million for the purpose.