After India, LeEco enters Russian market with USD 100 Million Investment
New Delhi,May 2016:As part of its ambitious globalization plans, LeEco, the global internet and ecosystem conglomerate has taken the momentous step towards promoting economic and cultural ties between China and Russia. On May 16, 2016, LeEco signed a quadripartite memorandum with Institute of Internet Development (IID), Russian Export Center and JSC Digital Television to export Russian media content to China and other markets and build Le Ecosystem in Russia. With the introduction of its unique vertically integrated ecosystem in Russia, LeEco will provide Russian users an all-new experience delivered through the Internet, smart devices, smart applications, and cloud. For its foray into the Russian market, LeEco plans to invest over USD 100 million. In 2016, LeEco successfully entered the U.S. and Indian markets making Russia its third overseas market.
As the world’s fastest-growing Internet ecosystem company over the past year, LeEco plans to set up its Russia office in the summer of 2016 which would be responsible for the building of LeEco system in Russia. In line with its efforts of making a strong mark for itself globally, with the signing of the memorandum LeEco will synergistically combine its powerful business ecosystem and Russia’s rich media content resources to expand in the Russia market and further reinforce LeEco’s global competitiveness.
Please find enclosed the press release regarding the announcement, for your kind perusal. Also below Is the backgrounder of the company for quick reference. Do let us know if you need any further information.