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Iconic business leader Ratan Tata has acquired a stake in Chinese handset maker Xiaomi, the first investment by any Indian in the smartphone maker. The company declined to disclose the quantum and value of the stake, which Tata Group's former chief has picked in his personal capacity.
"We are truly excited to have Mr Tata on board. We will seek his advice in our journey to becoming an Indian company," Xiaomi India Head Manu Jain told PTI.
Mr Tata, who retired as head of over $100-billion conglomerate in December 2012 and currently serves as chairman emeritus of Tata Sons, has emerged as a major venture capital investor since his retirement.
He has already made personal investments in homegrown e-commerce players like Snapdeal, Urban Ladder, Bluestone and Cardekho.com. In March this year, he also invested in mobile commerce firm Paytm.
"India is our biggest market outside of mainland China and also an extremely important one. Our goal is to become number one in the next 3-5 years and we are keen on partnerships here," Xiaomi co-founder and president Bin Lin said.
More: Ratan Tata Picks Up Stake in Chinese Handset Maker Xiaomi - NDTVProfit.com
