‘Make in Pakistan’ on cards for Xiaomi India amid asset seizure in India? Smartphone maker responds

Amid the pending seizure of Xiaomi’s Rs 5,551.27 crore assets, speculative reports have claimed that the Chinese smartphone maker could move its operations from India to Pakistan. A tweet by a handle called SouthAsiaIndex went viral on Twitter after it claimed Xiaomi India could move its operations to neighboring Pakistan.

“Just IN: Chinese mobile maker Xiaomi may move its operations from India to Pakistan after the Indian government freezes its assets worth $676 million,” the tweet read.

However, Xiaomi was quick to spot this and categorically denied the claim. Xiaomi said it has been making in India for the past eight years and has no plans to move to Pakistan.

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“This tweet is completely false and unfounded. Xiaomi entered India in 2014 and in less than a year we started our Make in India journey. 99% of our smartphones and 100% of our TVs are made in India. We take all measures to protect our reputation from false and inaccurate claims,” ​​said Xiaomi.

Xiaomi Technology India Private Limited went to the Supreme Court of Karnataka on October 3 to challenge the order of September 29, 2022 of the Foreign Exchange Management Act (FEMA) competent authority, that the seizure order of April 29 of the Enforcement Directorate (ED ) has confirmed. The ED had ordered the seizure of Rs 5,551.27 crore from Xiaomi’s accounts for allegedly violating FEMA rules and transferring money under the guise of royalties to three companies outside India.

Xiaomi had previously clarified this.

In its petition, Xiaomi disputes the validity of FEMA’s Section 37A which pertains to assets held by a company outside of India. The next hearing in the case will take place on October 14.

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