Billionaire Sunil Mittal in talks to buy $2 Billion stake in Haier India: Report

Billionaire Sunil Mittal is looking to purchase a 49% stake in Haier Smart Home Co.'s Indian division, sources close to the matter indicate. This strategic move aims to capitalise on the increasing demand for household appliances in India.The founder of Bharti Airtel Ltd. has collaborated with Warburg Pincus, a private equity firm, with an aim to acquire the stake in Haier Appliances (India) Pvt., valued at approximately $2 billion. The talks are in advanced stages, according to Bloomberg.Sources indicate that the agreement could be finalised within weeks, subject to necessary approvals.The negotiations are still in progress, with the possibility that Haier might retain full ownership or alternative buyers might express interest, according to the sources.When approached, spokespersons for both Mittal and Warburg Pincus declined to provide comments to Bloomberg. Haier has not yet responded to enquiries.In October, ET reported Haier's consideration to divest a stake ranging between 25% and 49% in its Indian unit. By November, the company had received initial interest from potential investors, including Temasek Holdings Pte, GIC Pte and Abu Dhabi's Mubadala Investment Co.According to an April 29 filing, Haier's South Asian revenue increased by over 30% in the first quarter compared to the previous year, with its side-by-side refrigerators capturing 21% of India's market share.The Bloomberg Billionaires Index estimates Sunil Mittal and his family's net worth at $28 billion.