Sunil Mittal-Warburg Pincus Consortium Inches Ahead of Rivals for Stake in Haier India

Chinese consumer appliances giant Haier Smart Home Co. Ltd has reportedly entered exclusive negotiations with a consortium led by Sunil Mittal’s family office and US private equity major Warburg Pincus for the sale of a substantial stake in its Indian subsidiary.

As per a Moneycontrol report, the stake sale discussions with the Mittal–Warburg consortium have now entered an exclusivity phase, with an official announcement expected later this month. While the deal structure had previously been a point of contention for multiple bidders, the current arrangement proposes that the Mittal–Pincus consortium will acquire 49%, with Haier’s Chinese parent retaining another 49%. The remaining 2% stake will be held by employees. Both parties will share joint control, including equal board representation.

The report highlights Haier’s strong performance across categories in India, its efficient supply chain, and consistent market share as key draws for the consortium. Mittal, who is investing via his family office, has a long-standing relationship with Warburg Pincus—an early investor in Bharti Airtel. The duo is said to be eyeing a long-term strategic partnership. According to the Bloomberg Billionaires Index, Sunil Mittal and his family have a net worth of $28 billion.

Haier India is also reportedly being considered for an IPO within the next two years after the new investors come on board. The business has been valued at approximately $2 billion, placing it in competition with rivals like Samsung and LG. Bloomberg reported on May 8 that the Mittal–Pincus team was in advanced stages of finalising the deal.

According to earlier reports, Haier India has been exploring a strategic stake sale since late 2024 and had appointed Citigroup to scout investors for a 25–49% stake. Initial interest came from sovereign funds like Mubadala, along with private equity players such as TPG Capital and GIC. By March, due diligence was underway for a deal estimated to be worth around $2 billion.

In April–May 2025, Sunil Mittal, in partnership with Warburg Pincus, emerged as the frontrunner to acquire a 49% stake, although Reliance Industries also joined the bidding race.

A March PTI report noted that Haier India recorded a 36% year-on-year revenue increase in 2024, reaching about ₹8,900 crore and crossing the billion-dollar sales milestone. For the current financial year, the company expects revenue to exceed ₹11,500 crore.

“We're targeting an additional ₹2,000 to ₹2,500 crore in revenue annually going forward. The growth outlook is strong, given India’s robust GDP and the relatively low product penetration compared to global markets,” said NS Satish, President of Haier Appliances India, in an interview with PTI.

Haier’s stake sale is part of a wider wave of M&A activity in India’s consumer appliances sector. An earlier report stated that US-based Whirlpool Corporation had appointed Goldman Sachs as the advisor for a potential partial stake sale in its listed Indian unit, Whirlpool of India, as part of its growth strategy.