Ratan Tata buys stake in Chinese smartphone major Xiaomi

TATANew Delhi, April 27: 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 initial investment by any Indian into Xiaomi,” the corporate said in a unharness here.

“Mr. Tata is one of the foremost well-respected business leaders within the world. an investment by him is an affirmation of the strategy we’ve undertaken in India to this point,” said Lei Jun, founder and chief executive of Xiaomi.

“This is simply the beginning of an exciting journey, and we are trying forward to delivery a lot of product 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 initial world launch outside China, unveiling here its high-end flagship smartphone Mi 4i model, that supports six Indian languages, at Rs.12,999.