Tie-up Current Affairs
China-based Smartphone maker Xiaomi Inc has tied up with Taiwan-based Foxconn to set first Assembly line in Andhra Pradesh under ‘Make in India’ initiative.
These two Smartphone manufacturer giants has forayed together into Indian electronics market to roll out Xiaomi’s first locally made Smartphone, the Redmi2 Prime as it seeks to expand its market share in India.
The size of the investment made in setting up the assembly line was not disclosed.
- It is privately owned China-based world’s fourth largest Smartphone distributor, incorporated in 2011.
- It is famous for its designs of smartphones and consumer electronics. It designs develop and sells smartphones, mobile apps and consumer electronics.
- Xiaomi markets its products under brand name ‘Mi’
- Foxconn Technology Group is a multinational electronics manufacturing company headquartered in New Taipei, Taiwan.
- It is the largest electronics contractor manufacturer in world that manufactures notable products like iPad, BlackBerry, iPhone, Huawei, Kindle, Xiaomi, PlayStation 4, Motorola, Xbox One.
- It is third-largest Information Technology Company by revenue.
Note: Foxconn has forayed into Indian electronic manufacturing sector by signing a MoU with Maharashtra government to set up facility, assembly line, manufacturing units and supply chains in the state through the investment of over 5 billion dollars in period of three years.