Sunil Mittal's Family Office Ends Talks With Haier India; Chinese Firm May Go For IPO

The family office of billionaire Sunil Mittal has reportedly ended talks with Chinese consumer appliance firm Haier Group to acquire a significant stake in its Indian unit, Haier Appliances (India). The two sides had entered into exclusive discussions earlier in June.

Reports suggested that the Bharti Group promoter was seeking a steep discount from Haier. According to Business Standard, disagreements over valuation led the Mittal family office to withdraw from the talks.

The discussions were reportedly for a 49% stake in Haier India, which the Chinese company valued at about $2 billion. However, bidders were offering only around $600 million.

For Haier, this marks a setback in its plan to restructure its Indian unit. It was planning for a structure similar to what automaker SAIC Motor did with MG Motor India. It sold a majority stake of the brand to the Sajjan Jindal group.

The proposed deal was seen as part of a wider trend of Chinese companies reducing their presence in India. In May, Ant Group exited its $246 million investment in Paytm through block trades.

Apart from Sunil Mittal, Haier had also attracted interest from Mukesh Ambani-led Reliance Industries, the Burman family of Dabur, the Amit Jatia family, and B.K. Goenka of Welspun. Citi was reportedly advising Haier and scouting buyers.

Citing sources, the newspaper reported that Haier India may now consider going public. The company is the third-largest seller of electronic appliances in India after South Korea’s LG Electronics and Samsung. It has been present in India for the past 20 years. In 2024, the firm posted sales of ₹8,900 crore, up 33% year-on-year.

It was reportedly targeting ₹11,500 crore sales in calendar year 2025. The investment from an Indian shareholder was also expected to help it expand its presence in India.