Xiaomi will defend business interests after India froze $682 million in assets

On Sunday, Xiaomi Corp., a Chinese smartphone manufacturer, expressed “disappointment” over an Indian order that froze US$682 million of its assets and promised to continue to defend its rights.
An Indian appellate authority on Friday confirmed an April order by India’s federal financial crime-fighting agency, the Enforcement Directorate, to take 55.51 billion rupees, claiming a probe proved Xiaomi had made unlawful remittances to overseas businesses by passing them off as royalty payments.

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In a statement released on Sunday, the Chinese smart device manufacturer said that the Enforcement Directorate had seized 55.51 billion Indian rupees related to royalty payments made to Qualcomm Group, a US chipset manufacturer.

The statement vowed to “do all means necessary to defend the good name of the organization and the interests of our stakeholders.”

The statement clarifies that Xiaomi India is a subsidiary of the Xiaomi Group and that it has contracted with Qualcomm to use its intellectual property in the production of smartphones.
According to the joint statement, both Xiaomi and Qualcomm consider the royalty payment by Xiaomi India to Qualcomm to be a legal business transaction.


When combined, Xiaomi and Samsung control 18% of the Indian smartphone market, making it the second largest in the world behind China.

A border confrontation in 2020 exacerbated political tensions, making it difficult for many Chinese enterprises to do business in India.
Since then, India has banned over 300 Chinese apps, including the widely used TikTok, citing security concerns, and has also tightened requirements for Chinese corporations investing in India.

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