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 by the Chinese company yesterday. Xiaomi, the No. 3 global smartphone maker, was valued at US$45 billion in December. Tata, who was the chairman of salt-to-software Tata Sons for more than two decades, has previously invested in Indian startups.

On Thursday, Xiaomi hosted its first global launch outside of China in the Indian capital New Delhi, unveiling its feature-heavy Mi 4i model that supports six Indian languages at 12,999 rupees (US$205).

"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," Lei Jun, founder and CEO of Xiaomi said. "We are looking forward to bringing more products into India," he said.

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