India court has already fined Xiaomi a couple months ago and rumors say that Xiaomi plans to start manufacturing in Pakistan! On Thursday, an Indian court refused to lift a freeze on Xiaomi Corp’s $676 million worth of assets. The Enforcement Directorate, India’s federal financial crime agency, froze 55.51 billion rupees in Xiaomi assets in April, alleging the company made illegal remittances.
On Thursday, Xiaomi’s lawyer Udaya Holla requested the judge’s intervention to lift the freeze, but the court ordered the company to first submit bank guarantees for the $676 million in frozen assets. Such bank guarantees, according to Holla, would require depositing the full amount, making it difficult for the business to operate, pay salaries, and make inventory purchases in advance of the Hindu festival of Diwali, when consumer sales in India rise.
The case was postponed until October 14 after the judge rejected any quick relief. Xiaomi has previously stated that all of its royalties were legal, and that they will “continue to use all means to protect the reputation and interests”. via Reuters
Xiaomi plans to start manufacturing in Pakistan
The Indian government has previously banned a number of Chinese businesses. such as Chinese digital platforms and apps, like the most famous one, the TikTok app. Additionally, Xiaomi has begun producing its products in a number of locations around the globe. Last year, the business launched its first manufacturing in Turkey.
Whether Xiaomi will begin producing in Pakistan is uncertain, it is apparent that Xiaomi is insistent on having the frozen assets unfrozen.
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UPDATED
The Xiaomi India team tweeted that they plan to continue operating in India. Please read the beginning of this article: Redmi A1+ will be launched in India! – xiaomiui
