China's Xiaomi says will protect business interests after assets frozen in India

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MUMBAI: Chinese smartphone maker Xiaomi Corp on Sunday (Oct 2) said it was 'disappointed' with an Indian order that froze US$682 million of its assets and would continue to protect its interests. An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting ag

MUMBAI: Chinese smartphone maker Xiaomi Corp on Sunday said it was"disappointed" with an Indian order that froze US$682 million of its assets and would continue to protect its interests.

The Chinese smart devices firm in a statement on Sunday said that over 84 per cent of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to US chipset company Qualcomm Group The company said that Xiaomi India is an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm to license IP for manufacturing smartphones.

With an 18 per cent share each, Xiaomi and Samsung together lead the smartphone market in India, the world's second biggest after China, according to data from Counterpoint Research.

 

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The world is no longer a friendly place for businesses. Perhaps North Korea got it right. Self sustaining economy is the way to go.

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