Chinese internet and technology conglomerate LeEco may acquire US TV company VIZIO and is likely to host an event in the US to announce this, the company said on Friday.

VIZIO TVs are quite popular in the US owing to their low price and better quality. The company also offers sound bars, tablets, ultrabooks and even mobile phones in addition to its TV product line.

If the deal goes through, LeEco may even end up owning VIZIO's plant in Mexico and can use it to produce their own TV sets.

The technical know-how and the operations experience of VIZIO will help LeEco in fast tracking its overseas expansion plan, a statement said.

The possible deal between LeEco and VIZIO is also likely to have a positive impact on the Indian market as well.

LeEco will look at using the synergies acquired through this purchase and pass it on to the Indian consumers.