India’s Videocon Group has entered into talks with Finland’s Elcoteq for possible acquisition. The two companies have entered into non-binding agreement.

Elcoteq, in a filing to the stock exchange said that the firms are working towards finalizing a potential Definitive Transaction Agreement and transaction is expected to be completed by year-end.

The deal is speculated to be worth $ 73 million.

Elcoteq has a plant in India at Chennai employing about 3000 people. The company deals in manufacturing electronics components included those for mobile phones, set-top boxes, flat panel TVs, and enterprise network products. For the mobile phone business, it has Nokia and Sony Ericsson as its clients.