India's Ratan Tata buys stake in Chinese phone maker Xiaomi

Three models of China's Xiaomi Mi phones are pictured during their launch in New Delhi July 15, 2014.

/Anindito Mukherjee

- Ratan Tata, chairman emeritus of Tata Sons has bought an unspecified stake in Chinese phone maker Xiaomi, a Xiaomi company statement said on Sunday. "Mr. Tata is one of the most well-respected business leaders in the world. An investment by him is an affirmation of the strategy we have undertaken in India so far," said Lei Jun, founder and chief executive officer of Xiaomi."We are looking forward to bringing more products into India," he said. (Reporting by Neha Dasgupta; Editing by Clara Ferreira-Marques)