Xiaomi will be setting up two new plants in India, says company co-founder and president Lin Bin. According to a report in the Economic Times, Xiaomi is taking an interest in the South Asian smartphone market. This is attributed to the fact that its own home market (China) seems to be in a lull.
Lin Bin revealed that Xiaomi will manufacture smartphone peripherals and some components as well. Coming back to China, Bin said that the market will be “flat” and may even see a decline this year.
Xiaomi has plans to set up the two new facilities in the current year itself. And a spokesperson revealed that Xiaomi has applied for a licence. Once set up, Xiaomi will enjoy a few perks with eased foreign direct investment rules for single-brand retailing, similar to Apple.
With the application for license being the only update, Xiaomi is currently hunting for sites and is in discussions with some of the states to get at least one facility running by the end of the year. Additionally, Xiaomi will also be sourcing parts like batteries, chargers and other mobile phone accessories locally.
In other news, Bin did reveal that Xiaomi will launch two news smartphones in India this year. While the Mi 5 flagship smartphone is already on its way. The co-founder told ET that the pricing could be between Rs 20,000 to Rs 27,000 (before taxes of course). Xiaomi has plans to launch two new devices this year as well, one in the next quarter and another in the second half.