Chinese maker of electrical appliances and electronics TCL Electronics Holdings Ltd has announced that it will spend up to 325 million reals (US$64.2 million) on doubling to 80 percent its stake in its joint venture in Brazil, SEMP TCL.

In a written announcement, TCL says taking the majority stake will lead to deeper penetration of the Brazilian market, and is critical to making TCL a player on the global stage.

The announcement, citing data given by market researchers GfK, says the SEMP TCL share of the Brazilian market for television sets was 9.4 percent by volume in the first third of this year.

TCL is bullish about the Brazilian market, and is planning to expand elsewhere in South America, the company announcement quotes TCL Chief Executive Kevin Wang as saying.