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After Sunil Mittal, Mukesh Ambani's Reliance in race to buy stake in this Chinese company, it is...
With this move, Reliance will compete directly with Sunil Mittal’s Bharti Group, which is also interested in the deal.
Updated : Apr 29, 2025, 06:42 AM IST
 "After Sunil Mittal, Mukesh Ambani's Reliance in race to buy stake in this Chinese company, it is...")
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Mukesh Ambani-led Reliance Industries Ltd (RIL) is now looking to buy a stake in Haier’s Indian operations. Haier, a Chinese consumer electronics and appliance company, wants to localise its business in India by partnering with a major Indian group. With this move, Reliance will compete directly with Sunil Mittal’s Bharti Group, which is also interested in the deal.
Haier Appliances India is currently the third-largest player in the Indian market, behind LG and Samsung. The company plans to sell between 25% and 51% of its equity, following a model similar to MG Motors, where an Indian partner holds the majority stake. According to an Economic Times report, Haier is seeking a valuation between $2 billion and $2.3 billion, including a control premium. Since 2023, Haier has been working with Citi to attract large family offices and private equity investors.
The competition for Haier’s stake is heating up, with several high-profile groups showing interest. Sunil Mittal has formed a consortium with Warburg Pincus. Other groups in the race include TPG, the Burman family (of Dabur), Goldman Sachs along with the Amit Jatia family, and GIC of Singapore in partnership with BK Goenka of Welspun. However, a consortium involving Puneet Dalmia’s family office and Bain Capital has pulled out of the race.
Reports suggest that Reliance is in direct talks with Haier’s headquarters in Qingdao, China. The company’s advisors are working on the deal, and Reliance plans to make the acquisition through Reliance Retail without any partners.
Chinese companies like Haier are looking to dilute stakes in India due to rising geopolitical and economic pressures. After facing high tariffs from the US, Chinese firms are seeking stronger ties with Indian businesses. However, India's Press Note 3 norms require government approval for investments from neighbouring countries. Because of this, Chinese investments, including Haier’s Rs 1,000 crore FDI proposal from 2023, have faced delays.
