Enforcement Directorate (ED) seizes ~Rs 5551 crore from Xiaomi TechnologyDIXON - 3343 Change: -28.50 (-0.85 %)
News: The ED has seized amount Rs 5551 crore of electronic major Xiaomi Technology under the violation of foreign exchange management.
Views: Dixon is the contract manufacture of LED TV for Xiaomi, Samsung, Panasonic etc. The LED TV division of Dixon (i.e. Consumer Electronic) contributes ~50% of its overall topline. Xiaomi is one the key customer for Dixon’s consumer electronic division and the said action by the ED would have repercussion on Dixon’s financials if not resolved.