MUMBAI: Ratan Tata (pic), chairman emeritus of the holding company of India’s Tata conglomerate, has acquired a stake in Xiaomi Technology, a deal that is likely to bolster the Chinese phone maker’s presence in the world’s third-largest smartphone market.
Financial details of the unspecified stake bought by Tata in Xiaomi, the first by an Indian, were not disclosed in the statement issued by the Chinese company. Xiaomi, the No. 3 global smartphone maker, was valued at US$45bil after a December funding round.
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