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Xiaomi, the Chinese smartphone maker that has taken the mobile market by storm in recent years, is planning a massive expansion. The company is already making incredible headway in China, where it has been able to face up against some of the largest OEMs in the world, and now it's going to spread its wings further in yet another incredibly important emerging market: India.

The Times of India said Monday that Xiaomi will open two new manufacturing plants in India in addition to releasing several new devices later in the year. Xiaomi is best known for its smartphones, but also makes everything from fitness bands to battery packs and more.

"We believe China will be a flat market, if not, even decline, Xiaomi's president and co-founder Bin Lin told ET recently. "Also, people buying smartphones from e-commerce are also going to grow very rapidly, and we're a big part of that," he said, suggesting Xiaomi will bolster its online store in India as well.

Discussions are ongoing with Foxconn, which will reportedly operate the factories for Xiaomi. New phones coming to the market include the Mi 5 and "new product categories" later in the year, Times of India said.