UPDATE 1-India's Ratan Tata buys stake in Chinese phone maker Xiaomi

April 26, 2015 10:37 AM

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MUMBAI, April 26 (Reuters) - Ratan Tata, chairman emeritus of the holding company of India's Tata conglomerate, has acquired a stake in Xiaomi Technology, a deal that is likely to bolster the Chinese phone maker's presence in the world's third-largest smartphone market.

Financial details of the unspecified stake bought by Tata in Xiaomi, the first by an Indian, were not disclosed in the statement issued by the Chinese company on Sunday.

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