Chinese smarphone maker Xiaomi on October 7 shunned reports saying that it is moving its India operations to Pakistan amid a crackdown by the Enforcement Directorate.
Responding to a Twitter post by South China Index, which claimed that "... Xiaomi may move its operations from India to Pakistan after Indian government freezes its assets worth $676 million", the smartphone manufacturer said the tweet is completely false and baseless. "Xiaomi entered India in 2014 & in less than a year, we embarked on our Make in India journey. 99% of our smartphones & 100% of our TVs are made in India," it added.
Just IN: Chinese mobile-maker Xiaomi may move its operations from India to Pakistan after Indian govt freezes its assets worth $676M. - sources— South Asia Index (@SouthAsiaIndex) October 6, 2022
Earlier in April, the Indian government had seized Xiaomi's assets worth Rs 5,551.27 crore for allegedly violating Foreign Exchange Management Act (FEMA) rules and transferring money in the guise of royalty to three companies outside India.
The Chinese firm has approached the Karnataka High Court. In a petition filed on October 3, Xiaomi challenged the September 29, 2022 order of the FEMA Competent Authority which confirmed the April 29 seizure order of the Enforcement Directorate. It had approached the HC earlier this year against this order too but was told to approach the Competent Authority under FEMA.
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