Micromax phone
Micromax Phone (Representational Picture)Micromax

Home grown smartphone maker, Micromax is reportedly planning to release a brand new 'Yu' handset series with CyanogenMod Android OS in India this December.

"This will be a game changer not just in India but globally too. Yu has been envisioned for building an ecosystem of connected devices and offer customised experience to users," PTI quoted Rahul Sharma (Micromax co-founder) as saying.

It has been learnt that Micromax's new subsidiary Yu Televentures in collaboration with popular Android mobile software developers, CyanogenMod, will incorporate custom Android ROM in Yu series smartphones. The company also plans to sell the new device series via dedicated online stores like Xiaomi and Motorola.

Internal hardware specifications and price details of the new Micromax Yu smartphones are expected to be revealed during the official launch next month.

Early this year, Micromax in collaboration with Microsoft launched a couple of Windows Phone 8 OS powered Canvas Win W121 and W092 budget phones. Later in September in partnership with Google, the company launched the flagship stock - Android phone – Canvas A1.

Now, Micromax is set to join hands with CyanogenMod. Many believe this is all part of the company's strategy to increase its device portfolio and in turn lessen the gap between them and smartphone market leader, Samsung, which is placed on top with 25% shares.

According to the latest Counter-Point Research report, Micromax is placed a close second with a 20.4% smartphone market share.

As per numerous reports, there are around 12 million people across the globe, subscribing to CyanogenMod OS. This presents a huge potential for the company to generate more revenue and if the new Yu series smartphones gets a good reception in India, it is certain to push Micromax to the top of the chart in no time.

So far, the Indian company has made its presence felt across Russia, and SAARC nations including Bangladesh, Nepal, Sri Lanka, and has plans of entering the European markets in coming days.

Besides the Yu series, Micromax is also working on new-generation flagship smartphone Canvas 5 with CyanogenMod OS. It is said to sport a 5.0-inch full HD display, with metal (Aluminum) back cover similar to its predecessor and comes shipped with a 18.0-megapixel main camera and a 5.0-megapixel snapper on the front.

[Read More: Micromax Canvas 5 Specifications Surface Online; Smartphone Tipped to Run on CyanogenMod OS]