Prime Minister Narendra Modi met CEOs of top Chinese companies in Shanghai on his last day of three day visit to China. The top business tycoons present at the interaction included Jack Ma of Alibaba, Xiaomi president Lin Bin, Huawei chairman Sun Yafang among others.
Xiaomi president Lin Bin said to PM Modi that “We have some big plans for India, We fully support Make in India.” He further added that the company strongly supports the “Make In India” initiative and are setting up manufacturing operation in India with partners. Bin also revealed that Xiaomi plans to invest USD$100M in India mobile internet start-ups to help accelerate the adoption of mobile internet in India.
India is the second largest market for Xiaomi after China and the company has been able to tap the low cost and budget smartphone sector in the country. In January, it was reported that the company will set up an R&D unit in India and it was in the process of signing a lease for a center in Bangalore. Moreover, Xiaomi also plans to open a local production unit in India along with 100 experience stores in 12 to 18 months.