Sunil Mittal Eyes Major Stake in Haier India to Capitalize on Appliance Market Surge

Sunil Mittal, founder of Bharti Airtel, is reportedly in advanced discussions to acquire a significant stake in the Indian arm of Chinese electronics company Haier.

According to a Bloomberg News report, Mittal, along with private equity firm Warburg Pincus, is close to finalising a deal to acquire 49% of Haier’s India unit, valued at approximately $2 billion.

Multiple Bidders Eye Haier India Stake

Reports suggest that several major players are in the race for the stake. Last month, The Economic Times highlighted Reliance Industries Limited (RIL), led by Mukesh Ambani, as a prominent contender.

In addition to Reliance, global investment firms like TPG Capital and Singapore’s GIC have joined forces with Indian families such as Dabur’s Burman family and the Goenka family to acquire the stake.

While talks are ongoing, there remains the possibility that Haier may eventually decide against selling. The list of potential buyers could also expand in the coming weeks.

Reliance Industries Also in Contention

Earlier reports confirmed that Mukesh Ambani’s Reliance Industries had shown interest in acquiring a stake in Haier India. Although discussions are still underway, the possibility of Reliance securing the deal cannot be ruled out.

As per sources cited by Bloomberg News, Haier had initially explored the idea of selling between 25% and 49% of its Indian business.

By November last year, major global investors such as Temasek Holdings, GIC, and Abu Dhabi’s Mubadala Investment Company had expressed interest.

Haier’s Robust Performance and Future Plans in India

Haier has demonstrated strong growth in India. In 2024, the company recorded a 36% increase in revenue, reaching approximately ₹8,900 crore.

The Economic Times reported that Haier currently ranks third in India’s household appliance market, trailing behind LG and Samsung.

Looking ahead, Haier anticipates further expansion. “And subsequent to that, every year, we are looking around ₹2,000 crore to ₹2,500 crore plus. So we have big plans. And we see a big opportunity in India. When you see the economy GDP, which is doing very well, next is the penetration of the product, which is very low when we compare it to our global counterparts,” said NS Satish, President of Haier Appliances India, in a statement to PTI.

The company projects revenue to exceed ₹11,500 crore by 2025. Its product range in India includes refrigerators, air-conditioners, washing machines, and televisions.

Ongoing Negotiations With Multiple Investors

The potential deal involving Sunil Mittal and Warburg Pincus could be finalised in the coming weeks.

Bloomberg reported that both parties are nearing agreement but also noted that Haier may ultimately decide not to proceed with the sale. Other investors could also join the race, adding further complexity to the negotiations.

Haier has not issued a public comment on the developments. Similarly, representatives for Warburg Pincus and Sunil Mittal have not responded to requests for comment.

Bloomberg reported that both parties declined to comment, and Haier did not respond.

Haier’s Manufacturing Footprint in India

Haier’s Indian operations include the manufacturing of air conditioners, refrigerators, washing machines, and other appliances.

The company operates three manufacturing plants across India and continues to strengthen its presence in the domestic market.

Interest from Domestic Investors

Indian media reports had earlier indicated that Haier was actively seeking domestic investors for its Indian unit.

The Economic Times noted that Mukesh Ambani, head of the Reliance Group and Asia’s wealthiest individual, was seriously considering acquiring a substantial stake.

As interest continues to grow from both domestic and international investors, the outcome of the stake sale remains uncertain.

Whether Haier proceeds with the transaction or explores other strategic options will likely be determined in the coming weeks.