Ratan Tata, one of the leading businessmen from India, has invested in Chinese handset company Xiaomi. With this partnership, Tata Sons has become company’s first Indian investor. Ratan Tata is the chairman emeritus of Tata Sons.
Xiaomi has announced the news of this investment on its Facebook page and told about the undisclosed amount of money being invested in the smartphone company.
Lei Jun, founder and CEO of Xiaomi said: “Mr. Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far. This is just the start of an exciting journey, and we are looking forward to bringing more products into India.”
This announcement has been made after Hugo Barra, Xiaomi’s vice-president visited India last week and unveiled the company’s brand new phone, Mi 4i, that is available in India for Rs. 12,999 ($204).
According to a market research, Xiaomi currently holds 4 percent Indian market share. The Indian smartphone market is ruled by Samsung, followed by Micromax, Intex and Lava.
The Chinese company has partnered with online retailer Flipkart in the past. In the past, Xiaomi has faced troubles like banning of its smartphones by Delhi High court due to the patent dispute with Ericsson in the Indian market. But, Xiaomi has surpassed these troubles and Lin said in January that the company has sold 1 million smartphones.
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