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China clears Haier to dilute stake in India arm; Bharti–Warburg set to buy 49%: Sources
Chinese government has reportedly approved Haier's sale of a 49% stake in its Indian arm, Haier Appliances India, to the Bharti Enterprises-Warburg Pincus combine. This strategic move aims to overcome regulatory hurdles and facilitate capital infusion for expansion. The deal, expected to be announced soon, values the Indian business at approximately $1.3-1.5 billion.
The Bharti-Haier deal is finally done after over a year of negotiation.
Chinese electronic major Haier has received approval from the Chinese government to sell 49% stake in the wholly-owned Indian arm, Haier Appliances India paving the way for the proposed stake sale to Sunil Mittal's holding company Bharti Enterprises and Warburg Pincus combine, two senior industry executives said.
The size of the deal could not be immediately confirmed, but the Indian business is likely to be valued at around Rs 15,000 crore (about $1.5 billion), the executives said.
A formal announcement is expected anytime soon and could be even today. A town hall has been planned at Haier India offices today afternoon.
As per the proposed deal, Haier will retain 49% in the Indian arm, Bharti Enterprises-Warburg Pincus combine will own 49% and the balance 2% will be owned by the employees of Haier Appliances India. The shareholding amongst Bharti Enterprises -Warburg Pincus is likely to be equal, the executives said.
The parties involved will immediately seek necessary approvals from local authorities to complete the deal in 3-4 months.
The deal will also lead to localisation of the top management of Haier India. Haier India president Satish NS is likely to become the managing director with Chinese expat Decheng Huang, who holds the post now, will fly back to Beijing. The Chinese company has been held in India by Haier Singapore Investment Holding.
Haier wanted to sell a stake in the Indian business to a credible Indian business house to overcome the regulatory hassles in India including the need for the compulsory Press Note 3 approval for any investment. The company needs high capital infusion to set up a third plant in India, apart for marketing activities. It at present operates two plants – in Greater Noida and Pune which too are under expansion mode.
Haier Appliances India had already sought Press Note 3 approval from the Department for Promotion of Industry and Internal Trade for a fresh infusion of Rs 1,000 crore by its Chinese parent company but it has been pending for months, the company's latest regulatory filings to the Registrar of Companies (RoC) shows. The Bharti-Warburg deal will not require any Press Note 3 approval.
Emails sent to Haier, Bhatri and Warburg Pincus remained unanswered till filing of this story. The story will be updated with the comments.
Haier sells refrigerators, washing machines, televisions, microwave ovens and air-conditioners and is fast gaining market share in categories like refrigerator, washing machine and television.
The company's RoC filings reveal that Haier India overtook Whirlpool India in sales in 2024-25, thereby becoming the third largest consumer electronics company in India after LG and Samsung.
Haier India recorded sales of Rs 8,234 crore in 2024-25, growing at 30% year-on-year, while net profit surged more than 200% to Rs 480 crore. It's targeting Rs 11,500 crore sales in 2025-26.
At one point, other large groups such as Mukesh Ambani's Reliance Industries, TPG and the Burman family of Dabur; Goldman Sachs and the Amit Jatia family; GIC of Singapore with BK Goenka of Welspun, and the family office of Puneet Dalmia of the Dalmia Bharat Group and Bain Capital had evaluated the deal.
Haier India competes against LG, Samsung, Whirlpool, Voltas Beko, Godrej and Lloyd in the Indian consumer electronics segment.
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Source: EconomicTimes
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