However, Transsion has no plan to buy out the remaining stake of the SPV.
With this deal, Transsion is handling manufacturing, sourcing and marketing Spice brand phones in India Transsion has adopted a multi-brand strategy in India positioning each brand for each segment of the huge Indian handset market.
"We want to reposition Spice in the mid category segment of both feature and smartphones to compete with established brands catering to these segments (Rs 800-Rs 9,000) including Samsung, Nokia and Micromax," the official said.
Transsion began its Indian journey with Itel, a mass market feature phone. It also has Techno - its offline smartphone brand - and online brand Infinix.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.