(Yicai Global) Nov. 5 -- Guangdong Lingyi Itech plans to pay almost USD30 million cash for a 100 percent stake in Lite-On-Mobile India, a manufacturer best known for its smartphone molds, as it looks to shore up its business in sub-continental Asia and better tend to local customers.

Lingyi's subsidiaries Salcomp and Salcomp Manufacturing will buy the shares from Helsinki- and Singapore-based units of Taiwan-listed Lite-On Technology, the buyer said in a statement yesterday.

The acquisition is an important step in Lingyi iTech's plans to build a global manufacturing base and will allow it to better serve customers in India and around the world, the statement added.

Lingyi already bought Finnish phone charger manufacturer Salcomp in August and acquired its Indian assets in the process, landing big name customers like Apple, Huawei, Oppo and Vivo.

Its new target designs and makes mobile phone molds and assembly lines at the Nokia Telecom Special Economic Zone near Chennai, according to the statement, and will give Lingyi new factories that it can use to further develop in India.

Editor: James Boynton