Xiaomi India is taking steps to reduce its workforce, aiming to bring the number of employees under 1,000 in India. This move is part of an internal restructuring process that Xiaomi India is currently undergoing.
At the beginning of 2023, Xiaomi India had a workforce of approximately 1,400 to 1,500. In order to reach their target of less than 1,000 employees, they will need to lay off a minimum of 400-500 individuals. According to reports, 30 people have already been let go in the past week, and more layoffs are expected in the near future. Xiaomi stated that their decisions regarding headcount are influenced by market conditions and business projections, just like any other company. They also mentioned that they will continue to hire new employees as needed.
Challenges and Pressure from the Enforcement Directorate:
Xiaomi has faced difficulties in the Indian market, with a decline in market share and increased scrutiny from government agencies. Recently, the Enforcement Directorate (ED) issued showcause notices to top officials of Xiaomi, including CFO Sameer Rao, former MD Manu Jain, and three banks, for alleged foreign exchange violations amounting to Rs 5,551.27 crore.
“The Adjudicating Authority has issued showcause notices to Xiaomi Technology India Private Limited, its officials, and 3 banks under FEMA, based on a complaint filed by the ED regarding illegal remittances made by the company totaling Rs 5,551.27 crore,” stated the ED.
The ED has seized Rs 5,551.27 crore worth of funds from Xiaomi Technology India Private Limited’s bank accounts under the FEMA, as the remittance of this amount abroad was deemed “unauthorized”.
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