(MENAFN) Chairman emeritus of the holding company of India's Tata conglomerate, Ratan Tata, has acquired a stake in China's Xiaomi Technology [XTC.UL], The Peninsula Qatar reported.
The deal is predicted to boost the Chinese phone maker's presence in the world's third-largest smartphone market. Financial details of the deal were undisclosed, nor the amount of stake acquired.
"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," founder and chief executive officer of Xiaomi said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.