Sunil Mittal, the billionaire-founder of Indian telecom operator Bharti Airtel, is in advanced talks to buy a 49 per cent stake worth $2 billion in the Indian unit of Chinese consumer electronics maker Haier, Bloomberg News reported on Friday.
Mittal has partnered with private equity firm Warburg Pincus to buy the stake, and a deal could be signed in a few weeks, Bloomberg reported, citing people familiar with the matter.
The talks are ongoing and Haier may decide not to sell, while other buyers could also still emerge, the report said.
Haier, Warburg Pincus and Sunil Mittal’s representatives did not immediately respond to Reuters’ emails seeking comment. Mittal’s representatives and Warburg Pincus declined to comment to Bloomberg, while Haier didn’t immediately respond.
Haier’s Indian unit makes air conditioners, refrigerators, washing machines and other appliances at its three plants in the country.
Indian media had reported that Haier was looking for domestic investors for its Indian business, with the Economic Times reporting that Mukesh Ambani, Asia’s richest man and head of the Reliance Group, was looking to buy a significant stake.
