Xiaomi doubles smartphone bet on India

Co-founder Lei Jun pledges another $500m investment in next few years

NEW DELHI - The worst may be over for Xiaomi Corp, as the Chinese smartphone vendor steps up efforts to expand presence in India, the world's fastest-growing major smartphone market.

The move is in line with Made in China 2025 initiative, a strategy designed to promote high-end manufacturing and motivate Chinese players to venture into overseas market.