Business
Ratan Tata buys stake in Chinese smartphone major Xiaomi
New Delhi, April 26
Chinese smartphone major
Xiaomi said on Sunday that Ratan Tata, chairman emeritus of the Tata
group, has acquired a stake in Xiaomi Technology in a deal expected to
bolster the company's presence in India.
"This is the first investment by any Indian into Xiaomi," the company said in a release here.
"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," said Lei Jun, founder and chief executive
of Xiaomi.
"This is just the start of an exciting journey, and we are looking forward to bringing more products into India," he added.
Without
specifying financial details of the stake bought by Tata, the statement
said that "in December last year, Xiaomi raised $1.1 billion at a
valuation of $45 billion".
On Thursday, Xiaomi hosted its first
global launch outside China, unveiling here its high-end flagship
smartphone Mi 4i model, that supports six Indian languages, at
Rs.12,999.