Xiaomi Fined $676 Million In India As Xiaomi Plans To Start Manufacturing In Pakistan.
Xiaomi is planning to move its manufacturing plant to Pakistan.
Xiaomi Fined For $676M:
According to the reports and sources that are circulating on the internet and social media, it tells that Xiaomi was fined $676M a couple of months ago. On Thursday, an Indian court declined to lift a freeze on Xiaomi Corp’s $676M worth of assets. The Enforcement Directorate, India’s federal financial crime agency, froze 55.51 billion INR in Xiaomi assets back in the month of April. They have put allegations related to the illegal remittances that the company has received.
Xiaomi’s lawyer Udaya Holla has requested the judge’s intervention to lift the freeze, but at the moment, the court has ordered the company to submit all the bank guarantees for the $676M in the frozen assets.
As per what Holla has said, these bank guarantees would require the company to deposit the full amount, which will make it difficult for the business to operate. Also, pay salaries, and make inventory purchases in advance of the Hindu festival, Diwali, which is arriving soon. This occasion time is when consumer sales are rising in India.
As of now, the case has been postponed till 14th October after the judge rejected the quick relief. Xiaomi has previously stated, in a report to Reuters, that all of the royalties were legal and that they will ‘continue to use all means to protect the reputation and interests.’
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Xiaomi Planning To Start Manufacture in Pakistan:
As per the reports and sources, the Indian Govt has been banning a number of Chinese businesses. For instance, digital platforms and apps, like TikTok app. In addition to this, Xiaomi has started to produce its products in a number of new locations across the world. Last year, Xiaomi extended its product line and started manufacturing in Turkey.
As of now, there are rumors that Xiaomi will begin its production in Pakistan. At the moment, we aren’t sure whether this will happen or not. It is clear that Xiaomi is looking forward to getting its assets unfrozen. Once the assets get released, Xiaomi will be looking forward to expanding its business in other countries.
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Let’s see what happens next for the famous and China’s biggest smartphone company in the future. Stay tuned to the news and keep track of this news.