Sunil Mittal beats Mukesh Ambani in race to buy Rs 160000000000 Chinese company? it deals in…, the company is…
To complete this transaction, Mittal has partnered with private equity firm Warburg Pincus. After this acquisition, Mittal's will enter into the consumer electronics market. Haier Plans To Sell Up To 49% Stake
Earlier reports in October revealed Haier's plan to sell between 25% and 49% of its Indian unit. Other companies like Singapore's Temasek Holdings, GIC, and Abu Dhabi's sovereign wealth fund Mubadala Investment are also interested in the deal. Haier India makes products like refrigerators, washing machines, televisions, and air conditioners, with sales of Rs 8,900 crore in 2024.
The company saw over 30% growth in revenue in South Asia during the first quarter of this year as compared to the previous year. Haier holds a 21% share in India's refrigerator market which is the third-largest consumer electronics company in the country, after LG and Samsung. Mukesh Ambani Joins Race
Mukesh Ambani's Reliance Industries has also entered the race to acquire a stake in Haier India. Reliance already deals in the consumer electronics sector through brands like BPL and Kelvinator.
Haier has appointed Citibank to manage this stake sale process. As Ambani and Mittal both are competing for this acquisition, the deal will bring major changes for India's consumer electronics sector.
If Mittal finalizes this acquisition, it will add another sector in his business portfolio. His current net worth, shared with his family, is around $28 billion, according to Bloomberg Billionaires Index.
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