Indian billionaire Sunil Mittal to buy Rs 17084 crore stake in this Chinese firm, its business is...

Sunil Mittal, Bharti Airtel chairman, is reportedly in advanced talks to acquire a 49 per cent stake in the Indian unit of China’s Haier company. The telecom tycoon continues to expand his business in other sectors. Now, the billionaire looks to tap the growing demand for goods such as home appliances in the country. The Bharti Airtel founder has teamed up with private equity firm Warburg Pincus to buy the stake in Haier Appliances (India) Pvt. for about USD 2 billion, according to people familiar with the matter, ET reported.

Haier India makes air conditioners, refrigerators, washing machines and other appliances at its three plants in the country. Earlier, it was reported that Haier was looking for domestic investors for its Indian business. Mukesh Ambani, Asia's richest man, was also looking to buy a significant stake in the Chinese firm, reports suggest. Representatives for Mittal and Warburg Pincus declined to comment, ET said. Haier’s revenue in South Asia grew by more than 30 per cent in the first quarter from a year earlier.

Sunil Mittal's net worth

According to Forbes, Mittal has a real-time net worth of USD 13.7 billion, as of May 10. His Bharti Airtel has a market cap of Rs 11.09 lakh crore. The share price of the company closed at Rs 1,850 on Friday. Bharti Airtel is the second-largest telecom company in India. It competes with Mukesh Ambani's Reliance Jio.

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