16.14 pm: Event concludes.
16.13 pm: MIUI 7 beta update will be rolled out this Monday and will support all Xiaomi-made devices.
15.21 pm: The new MIUI 7 promises offers less boot time, better performance and consumes less battery than before. It will also come up with a lot of new themes, lock screens and an ability to change your wallpapers everyday with famous copyrighted photographs every morning.
15.10 pm: New MIUI themes will be able to show live stock quotes, match scores and more directly on the lock screen.
15.07: The limited edition devices will come in pink, yellow, sky and black colours.
15.06 pm: The devices will be available from 24 August onwards.
15.04 pm: Xiaomi is launching limited edition Mi 4i phones.
14.51 pm: Currently, 150 million users around the world use Xiaomi developed MIUI rom
14.45 pm: Hugo Barra, vice president of Xiaomi, is on stage for the presentation.
After two months of launching its mid-budget handset MI 4i in India, leading Chinese mobile phone manufacturer Xiaomi is hosting another grand event in Delhi on Wednesday.
Although Xiaomi has only mentioned about the release of its next Android-based interface MIUI 7, rumours suggest that the company might come up with another smartphone too.
Earlier, rumour had it that Xiaomi might launch Redmi Note 2 on 19 August, but due to conflict with Ericsson, they might roll out some other device on Wednesday.
The event starts at 2 pm. We will keep you updated through this live blog about the happenings at the event.