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China’s Xiaomi says it’ll defend its enterprise pursuits after India freezes its property

MUMBAI, Oct 3 (Reuters) – Chinese language smartphone maker Xiaomi Corp (1810.HK) on Sunday stated it was “disillusioned” with an Indian order that froze $682 million of its property and would proceed to guard its pursuits.

An Indian appellate authority on Friday confirmed an April order by India’s federal monetary crime combating company, the Enforcement Directorate, to grab 55.51 billion rupees, saying a probe discovered Xiaomi had made unlawful remittances to overseas entities by passing them off as royalty funds.

The Chinese language sensible units agency in an announcement on Sunday stated that over 84% of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this yr was the royalty fee made to U.S. chipset firm Qualcomm Group (QCOM.O)

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“We’ll proceed to make use of all means to guard the fame and pursuits of the corporate and our stakeholders,” it stated.

The corporate stated that Xiaomi India is an affiliate and one of many Xiaomi Group corporations, which entered right into a authorized settlement with Qualcomm to license IP for manufacturing smartphones.

Each Xiaomi and Qualcomm consider that it’s a professional industrial association for Xiaomi India to pay Qualcomm royalty, the assertion stated.

With an 18% share every, Xiaomi and Samsung collectively lead the smartphone market in India, the world’s second greatest after China, in response to knowledge from Counterpoint Analysis.

Many Chinese language corporations have struggled to do enterprise in India because of political tensions following a border conflict in 2020.

India has cited safety considerations in banning greater than 300 Chinese language apps since then, together with common ones such TikTok, and likewise tightened guidelines for Chinese language corporations investing in India.

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Reporting by Rupam Jain;
Enhancing by Sandra Maler

Our Requirements: The Thomson Reuters Belief Ideas.

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