No plans to exit Indian market: LeEco

Jia Yueting, co-founder and head of Le Holdings Co Ltd, also known as LeEco and formerly as LeTV, poses for a photo in front of a logo of his company. Photograph:( Reuters )

Reuters Bengaluru, Karnataka, India Mar 03, 2017, 08.19 AM (IST)

Chinese electronics maker LeEco said it has no plans to exit its operations in India and is gearing up for the launch of its next-generation television in the country.

"India is one the most strategic markets for LeEco," the company said in a statement, adding that it had no plans to exit the market.

The Economic Times had reported earlier on Friday that the company was firing 85 per cent of its Indian arm and was looking to exit is operations in the country.

While the company did not provide any clarity on the job cuts, it said its resource headcount in India is "well aligned to the scale of operations envisioned and in line with industry benchmarks."

Last year LeEco's founder and chairman Jia Yueting had said that his company was facing financial obstacles due to the rapid pace of growth in various businesses.

(Reuters)