New Delhi: Billionaire businessman Sunil Mittal, who started Bharti Airtel, is in serious talks to buy a 49% stake in Haier India. This deal could be worth around $2 billion and might become one of the biggest cross-border deals in India’s home appliances market. Mittal wants to take advantage of the growing demand for electronics and appliances in India.
Sunil Mittal is not doing this alone, he’s joining hands with a private equity firm called Warburg Pincus to invest in Haier Appliances (India) Pvt. Ltd. Talks are in the final stage, and the deal might be signed soon if all government approvals are cleared. But there’s still a chance that Haier might change its mind or another buyer might come forward.
Haier has been thinking about selling a part of its Indian business since October 2024. Back then, they were looking to sell between 25% and 49%. By November, many big global investors showed interest, like Singapore’s Temasek, GIC, and Abu Dhabi’s Mubadala.
Even Reliance, owned by Mukesh Ambani, was interested in buying the stake. Other big names like TPG Capital and GIC were also planning to team up with Indian business families like the Burmans (from Dabur) and the Goenkas.
How Haier India is doing
Haier India has been growing fast. In 2024, their revenue jumped by 36%, reaching around ₹8,900 crore. Right now, they are the third biggest brand in India’s home appliance market, after LG and Samsung. Their side-by-side refrigerators have done really well and got a 21% market share.
In the first quarter of 2025, Haier’s South Asia revenue also went up by more than 30%. The company is now aiming to hit ₹11,500 crore in revenue in 2025. Haier India’s president, NS Satish, said they plan to grow by ₹2,000–2,500 crore every year, thanks to India’s growing economy and the fact that many homes still don’t have modern appliances.
Haier India plans to invest over ₹1,000 crore between 2024 and 2028. They’ll use this money to build new factories for air conditioners and plastic parts. They’ve already spent ₹2,400 crore on their plants in Pune and Greater Noida. With more people buying air conditioners, Haier also plans to increase its AC production from 1.5 million to 2.5 million units by 2027.
Why this deal matters
Sunil Mittal and his family are worth around $28 billion, according to Bloomberg. Getting into the electronics business would help him expand beyond telecom, where he made his name. His strong experience and network could really help Haier grow in India.
India’s home appliance market is full of competition right now. Both local and international companies are fighting for a bigger piece of the pie. Haier wants a strong local partner to help it grow faster. If this deal goes through, it could change the game, especially since so many big business groups and global investors are involved.
