Highlights: Xiaomi invests 3500 crore in India. Could enter into white goods business. To expand company-owned Mi Home retail stores. At a time when there is an anti-Chinese product wave prevalent in India, Chinese tech giant Xiaomi has pumped Rs 3500 crore into the country. According to The Economic Times, this is the highest investment ever made by the company in India and could be used to enter the white goods sector, which includes water purifiers, washing machines, laptops and refrigerators. Further, some amount of the sum will reportedly be used to expand the reach of Mi Home retail stores. Citing regulatory filings with Registrar of Companies, Xiaomi Singapore Pte Ltd (which owns 99.9% of the Indian entity) invested the money into Xiaomi Technology India in two tranches: Rs 2,000 crore on March 1 and Rs 1,500 crore on January 17. However, it did not say in its filings where the funds would be used. “Under the first transaction in January, 3,786 shares of Xiaomi Technology India were offered to the holding company at a premium on a rights basis, while for the second one, in March, 6,959 shares were allotted,” the report said. The investment comes at a time when one of Xiaomi's biggest rivals, Samsung, is looking to win back its top stop in the Indian market by introducing phones in almost all price categories. Xiaomi does not own any manufacturing units in India and outsources the manufacturing of smartphones, televisions, power banks and accessories. Meanwhile, Samsung, already builds a lot of products in India. In 2017, the South Korean tech company invested Rs 4,915 crore to expand its manufacturing unit in Noida. In a statement, the company said that it will expand the plant by an additional 35 acres using the land adjacent to the current facility. Samsung has two manufacturing units in the county. One in Noida, Uttar Pradesh and the other in Sriperumbudur, Tamil Nadu. The company also has five research and development centres and one design centre in Noida. Several market research firms reported last year that Xiaomi has been the leading and favourite smartphone brand in the country. According to International Data Corporation, Xiaomi captured 28.9 percent market share in India last year followed by Samsung with 22.4 percent share. Since it lost its first spot to Xiaomi in December 2017, Samsung has been trying hard to regain the lost ground by introducing flagship features into lower-priced models. It recently changed it strategy to consolidate Galaxy J, On and C series into Galaxy M series to target the millenials. Recently, Samsung acquired an Israeli camera technology company Corephotonics. According to Counterpoint Research, Samsung will enhance its share in the affordable smartphone segment by introducing superior camera features in its lower priced models. “It can disrupt dominant players in the$75-$150 segment, forcing them to upgrade their camera specification or lower their prices to compete with Samsung,” the firm said. Related Read: 70% of 10000+ Indians polled so far want to stop buying Chinese smartphones Our Twitter poll results on Chinese smartphone brands in wake of UNSC incident lean towards boycott
from Latest Technology News https://ift.tt/2FhVmJr
flipkart
Subscribe to:
Post Comments (Atom)
flipkart
Edit videos on your mobile phone using the YouTube Create App
YouTube has introduced its new mobile app called ‘YouTube Create’. This app offers an easy way for creators to edit their videos right from ...
- September 2023 (83)
- August 2023 (126)
- July 2023 (113)
- June 2023 (102)
- May 2023 (162)
- April 2023 (160)
- March 2023 (148)
- February 2023 (136)
- January 2023 (173)
- December 2022 (163)
- November 2022 (163)
- October 2022 (181)
- September 2022 (178)
- August 2022 (174)
- July 2022 (136)
- June 2022 (125)
- May 2022 (146)
- April 2022 (130)
- March 2022 (143)
- February 2022 (132)
- January 2022 (145)
- December 2021 (157)
- November 2021 (239)
- October 2021 (269)
- September 2021 (270)
- August 2021 (212)
- July 2021 (252)
- June 2021 (225)
- May 2021 (184)
- April 2021 (181)
- March 2021 (343)
- February 2021 (299)
- January 2021 (320)
- December 2020 (334)
- November 2020 (305)
- October 2020 (318)
- September 2020 (340)
- August 2020 (347)
- July 2020 (337)
- June 2020 (310)
- May 2020 (308)
- April 2020 (418)
- March 2020 (316)
- February 2020 (282)
- January 2020 (329)
- December 2019 (323)
- November 2019 (393)
- October 2019 (403)
- September 2019 (386)
- August 2019 (454)
- July 2019 (579)
- June 2019 (509)
- May 2019 (697)
- April 2019 (725)
- March 2019 (746)
- February 2019 (702)
- January 2019 (932)
- December 2018 (758)
- November 2018 (729)
- October 2018 (835)
- September 2018 (838)
- August 2018 (548)
- March 2018 (24)
-
Huawei, it seems, cannot seem to steer away from controversy around its smartphones’ camera capabilities. This time, a Chinese photographer ...
-
Now that the first Developer Preview of the next version of Android has gone live, we can expect to see more and more reports of upcoming fe...
-
OnePlus could be on the road to launch its first smartwatch very soon. A report recently surfaced that reveals a listing on Indonesia's ...
No comments:
Post a Comment