Sunil Mittal, founder of Bharti Airtel, and private equity firm Warburg Pincus have jointly submitted a $720 million bid for a 49% stake in Haier India, according to sources familiar with the matter. The offer marks a significant discount to Haier’s initial valuation of $2 billion, which industry experts believe reflects concerns over high brand usage fees and royalty costs imposed by its Chinese parent company.

Haier India currently operates three manufacturing facilities producing a wide range of home appliances, including air conditioners, refrigerators, and washing machines. The company has grown rapidly, reporting sales increases of more than 30% year‑on‑year in recent quarters, with its side‑by‑side refrigerators capturing around 21% of the market.

As part of the deal, Haier India may allocate a modest 2% equity share to its employees, while remaining wholly owned by Haier Group until the transaction closes. The new investors and Haier’s parent company are expected to exercise joint control over the business. The group is also exploring the possibility of a stock market listing in India within the next two years, viewing it as a potential exit strategy.

Initial discussions with other major investors, including Reliance Industries, TPG Capital in partnership with the Dabur family, and Singapore’s GIC collaborating with the Goenka family, failed to result in binding offers. While Haier India’s valuation aspirations remain high, the lower bid underscores investor caution, especially regarding the financial demands of licensing and royalties.

Neither Mittal, Warburg Pincus, nor Haier have confirmed the bid publicly. Haier’s board is expected to evaluate the proposal in detail, weighing the trade-off between valuation and structural viability amid evolving market conditions.

For Mittal and Warburg Pincus, securing a stake in Haier India represents a strategic push into the consumer durables sector—an area that continues to benefit from rising disposable incomes and accelerated demand in both urban and rural markets. At the same time, Haier Group’s pursuit of capital and partial local ownership signals its intention to strengthen the company’s Indian footprint and possibly unlock future shareholder value through an offering.

This transaction, if finalized, would stand as one of the most notable private equity partnerships in India’s consumer sector, offering Mittal and Warburg Pincus a solid base in a high-growth industry while giving Haier access to domestic investment and a potential path to public markets.