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Lenovo Chairman and Chief Executive Officer Yang Yuanqing (R) gestures beside Chief Financial Officer Wong Wai-ming during a news conference announcing the company's annual results in Hong Kong May 21, 2014. Reuters/Bobby Yip

Lenovo Group Ltd. is taking the competition to rival Xiaomi Corp. in India, a market that both companies are vying to grab the biggest chunk of, by offering increasingly sophisticated smartphones while continually lowering prices.

According to its last publicly acknowledged number, Lenovo has sold over a million 4G handsets alone in India this year, on online shopping site Flipkart. When it released its K3 Note in June, excitement soared ahead of a July sale, given that the 5.5-inch 4G phablet was launched at 9,999 rupees (about $155), offering slightly better specs than Xiaomi's Redmi Note.

Now, as Xiaomi prepares to take the wraps off the global version of its MIUI 7 software Wednesday, and probably announce the price in India for its Helio X10 processor-equipped Redmi Note 2, Lenovo is set to release its “most affordable” smartphone in India. Tech enthusiasts expect the A2010 -- that the company recently released in Vietnam -- might be offered in India at 4,999 rupees.

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