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China's Xiaomi to unveil its first India-made phone on Monday

People stand near a logo of Xiaomi ahead of the launching ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014. REUTERS/Jason Lee/Files

MUMBAI (Reuters) - Fast-growing Chinese smartphone maker Xiaomi Inc will unveil its first phone to be manufactured in India on Monday, as it looks to expand aggressively in the world's third-largest smartphone market amid slowing growth in China.

"Will be launching Xiaomi's first India manufactured phone tomorrow in Vishakhapatnam," N. Chandrababu Naidu, chief minister of southern Andhra Pradesh state, tweeted late on Sunday. A Xiaomi media event in Visakhapatnam is scheduled later on Monday.

The Indian market, which Xiaomi entered in July last year, has fast become its largest market after China as the company's low-priced, feature-rich phones find favour with young and cost-conscious customers.

As Xiaomi battles slowing sales in China, emerging markets such as India and Brazil, where it began manufacturing in late June, have becoming increasingly important for the company.

Last month, it reported its first ever drop in half-year sales, throwing its full-year sales goal of 80 million smartphones into doubt.

(Reporting by Aman Shah; Writing by Sumeet Chatterjee; Editing by Edwina Gibbs)