Telecom billionaire Sunil Mittal’s Bharti Enterprise and private equity firm Warburg Pincus have acquired a 49 per cent stake in Haier India. According to an official company statement, Haier India will retain the remaining 49 per cent stake after the sale, while the top management of Haier India will also retain a 2 per cent stake.
The company have not yet disclosed the deal value or Haier India’s valuation in the transaction. According to an ET report, citing industry executives, Haier India was likely valued at Rs 15,000 crore.
In the statement, Bharti Enterprise said that it looks forward to playing a significant role in the evolving consumer durables industry and leveraging the collective strengths of all parties to meet the needs of Indian consumers.
“Bharti is confident that Haier India will further consolidate its standing as a leading brand in India, powered by global innovations, enhanced customer services, and best-in-class experience.”, the company added.
The move comes at a time when the consumer appliance market in India is booming, fuelled by rising disposable incomes, changing lifestyles, and increasing penetration of consumer appliances. Haier India offers a diverse product portfolio encompassing categories such as air conditioners, refrigerators, televisions, washing machines, and kitchen appliances.
Over the past seven years, the company has achieved a CAGR of approximately 25 per cent in India, the release said, adding this is one of the highest in the industry, supported by robust performance across product segments and geographies.