Ratan Tata buys stake in Chinese smartphone Xiaomi

Chinese smartphone major Xiaomi said 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. "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". Last week, Xiaomi hosted its first global launch outside China, unveiling its high-end flagship smartphone Mi 4i model, that supports six Indian languages, at Rs.12,999.