Sunil Mittal is in advanced discussions to acquire a 49% stake in Haier India, according to sources familiar with the matter. The billionaire aims to capitalize on the growing demand for home appliances in India.
Mittal, the founder of Bharti Airtel Ltd., has partnered with private equity firm Warburg Pincus to purchase the stake in Haier Appliances (India) Pvt. for approximately $2 billion. Sources, who requested anonymity as the information is not public, mentioned that the deal could be finalized in a few weeks, pending necessary approvals.
However, discussions are still ongoing, and Haier may choose not to proceed with the sale. Additionally, other potential buyers could still emerge.
Representatives for Mittal and Warburg Pincus declined to comment, and Haier India did not respond to requests for comment immediately.
India’s Economic Times reported in October that Haier was considering selling a stake of between 25% and 49% in its Indian unit. By November, the company had attracted preliminary interest from potential investors, including Temasek Holdings Pte, GIC Pte, and Abu Dhabi’s sovereign wealth fund Mubadala Investment Co.
In its April 29 filing, Haier reported that its revenue in South Asia had grown by more than 30% in the first quarter compared to the previous year. Additionally, the company’s side-by-side refrigerators captured a 21% market share in India.
Sunil Mittal’s potential acquisition of a 49% stake in Haier Appliances (India) Pvt. highlights the growing appeal of India’s home appliance market, driven by rising demand and a competitive landscape. While discussions continue, with several potential investors showing interest, the deal could significantly shape Haier’s future in the South Asian region. As the market continues to expand, this move underscores the strategic importance of the Indian market for global players.
