Xiaomi India has issued a clarification regarding the seizure of funds worth INR 5,551.27 Cr by the Enforcement Directorate (ED), stating that all royalty payments are legitimate.
Xiaomi said in a statement that it had signed a legal contract with Qualcomm Group (USA) to licence intellectual property (IP) for smartphone manufacturing. Both companies believe that Xiaomi India’s payment of royalty money to Qualcomm is a legitimate commercial arrangement. Over 84% of the INR 5,551.27 Cr seized by the ED were royalty payments made to Qualcomm for using in-licensed technologies such as standard essential patents (SEPs) and IPs in Xiaomi India’s smartphones, according to the statement.
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Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.
Xiaomi India has issued a clarification regarding the seizure of funds worth INR 5,551.27 Cr by the Enforcement Directorate (ED), stating that all royalty payments are legitimate.
Xiaomi said in a statement that it had signed a legal contract with Qualcomm Group (USA) to licence intellectual property (IP) for smartphone manufacturing. Both companies believe that Xiaomi India’s payment of royalty money to Qualcomm is a legitimate commercial arrangement. Over 84% of the INR 5,551.27 Cr seized by the ED were royalty payments made to Qualcomm for using in-licensed technologies such as standard essential patents (SEPs) and IPs in Xiaomi India’s smartphones, according to the statement.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.
