In January this year, Lenovo had announced that it will acquire Motorola Mobility for USD 2.9 billion from tech giant Google, one of the largest acquisitions by a Chinese tech firm. Google, itself, had bought Motorola in 2012 for USD 12.4 billion.
"India is one of the most important markets for Lenovo. Lenovo and Motorola combined are third in the Indian market after Samsung and Micromax... We will continue to sell Motorola handsets online and Lenovo in offline stores," Lenovo Chairman and CEO Yang Yuanqing told reporters in a conference call.
He added that while the dual brand strategy will be for emerging markets like India, the company will use the Motorola brand in mature markets like the US.
In India, Motorola sells its devices in partnership with eCommerce major Flipkart. Its range in the country includes Moto G, Moto E and Moto X as well as the Moto 360 smartwatch. It has recently unveiled the second generation of Moto G and Moto X smartphones.
India is one of the fastest growing smartphone markets globally. According to IDC, 63.21 million units were shipped to India in Q2 2014. Samsung had a 29 per cent share, followed by Micromax 18 per cent and Karbonn at 8 per cent. Motorola had 5 per cent share.
"We will be a wholly-owned subsidiary of Lenovo and remain headquartered in Chicago's Merchandise Mart while maintaining offices around the world, including in Silicon Valley," Motorola Mobility President Rick Osterloh said.
The iconic Motorola brand will continue as will the Moto and DROID franchises that have propelled growth over the past year, he added.
With the completion of the acquisition, Lenovo has added nearly 3,500 employees globally, including about 2,800 in the US.
"This partnership has always been a perfect fit. Motorola brings a strong presence in the US and other mature markets, great carrier relationships, an iconic brand, a strong IP portfolio and an incredibly talented team. This is a winning combination," Yuanqing said.
Liu Jun, Lenovo Executive Vice President and President of Lenovo's Mobile Business Group will be the Chairman of the Motorola Management Board.
Osterloh, a Motorola veteran, will remain President and Chief Operating Officer of Motorola.