Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Chinese smartphone maker Xiaomi is planning to bolster its product line in India with more handsets and foray into wearable devices and TV sets.
Manu Jain, head of India operations at the three-year-old Beijing-headquartered startup, told ET that the company is bullish on the Indian market and is gearing up to make 2015 significantly better than the current year, in which the company has faced legal hiccups.
As part of strategy, the company plans to set up its own R&D centre and ecommerce operations, besides partnering with start-ups to create an ecosystem of its products in the country. Xiaomi is embroiled in a legal battle with Swedish gearmaker Ericsson for allegedly infringing on the latter’s eight registered standard essential patents that are essential to make the handsets.
Following the lawsuit, the Delhi High Court had stopped Xiaomi from selling devices in India but later allowed it to sell products that use Qualcomm chipsets, and asked the company to deposit Rs 100 with the court for every handset sold. The 3G variant of Redmi Note can’t be sold after the court order. The next hearing in the case is scheduled for February 5. Original post at ET Telecom