With more and more PC manufacturers jumping into manufacturing devices that link mobiles and computers, Lenovo does not want to be left behind, and on Friday announced that it is buying back its subsidiary mobile-phone unit which had been sold off over a year ago, at double the price.

To buy back Lenovo Mobile Communication Technology Ltd., the Lenovo Group has agreed to pay a whopping $200 Million in cash up-front to investors, who include a unit of Hony Capital, the private equity firm which is controlled by the Chinese computer manufacturer's parent Legend Holdings Ltd.

The price Lenovo is paying to buy the unit back, is twice the $100 Million it had initially received for it, when it was sold off the under-performing division to focus only on PC manufacturing. Pumped by a rising demand for communications devices across China the discarded unit soon returned to profits, and now Lenovo is buying it back to ensure that it does not get left behind in today's fiercely competitive and lucrative mobile-PC market.

"Lenovo Mobile has noticeably improved its financial position and market presence", Lenovo Group said in the statement, while confirming the buy-back deal.