Competing with Bharti Group, Reliance Industries joins the contest to acquire a major stake in Haier India, as Chinese firms seek stronger local partnerships.
Mukesh Ambani’s Reliance Industries Ltd (RIL) has entered the competition to acquire a significant stake in the Indian arm of Chinese appliance giant Haier. According to a report by The Economic Times, this move positions Reliance directly against Sunil Mittal’s Bharti Group, who is also vying for the same opportunity.
Haier India, known for its refrigerators, washing machines, televisions, and air conditioners, recorded sales worth ₹89 billion in 2024. The company, currently ranked third in the Indian market after LG and Samsung, is planning to sell between 25 per cent and 51 per cent of its equity. Haier is reportedly aiming for a valuation of $2 billion to $2.3 billion, including a control premium.
The company has engaged Citi since 2023 to manage the stake sale. The strategy mirrors MG Motor India’s, where a majority shareholding was transferred to an Indian partner to align with local regulations.
Meanwhile, competition for the Haier stake is intense. Sunil Mittal is affiliated with the private equity firm Warburg Pincus. Other bidders include TPG, the Burman family of Dabur, Goldman Sachs and the Amit Jatia family, and GIC of Singapore in partnership with BK Goenka of Welspun. On the other hand, Puneet Dalmia’s family office and Bain Capital have reportedly exited the race.
The report suggests that Reliance is in direct negotiations with Haier’s headquarters in Qingdao. Advisers are assisting Reliance to structure a standalone bid, with plans to route the acquisition through Reliance Retail.
However, no official announcement has been made by Reliance or Haier.
The growing interest from Indian firms reflects shifting trends. Chinese companies are seeking to partner with Indian groups due to rising geopolitical and economic challenges. Following US tariffs, Chinese businesses are eager to strengthen ties with India. However, India’s Press Note 3 rules require government clearance for investment from countries sharing land borders with India, delaying deals like Haier’s pending ₹10 billion FDI application from 2023.
The Haier deal, once finalised, could reshape the consumer appliances landscape in India.