Mukesh Ambani-led Reliance Industries Ltd (RIL) is also in the race to acquire a stake in the Indian operations of Chinese consumer electronics and appliance maker Haier. Haier is trying to localize its business by partnering with major Indian players. RIL will directly compete with Sunil Mittal’s Bharti Group who is also a contender for the same deal. Haier’s Stake Sale Plan Haier Appliances India is third in the market share after LG and Samsung. It is trying the dilution of 25% to 51% equity.It is similar to MG Motors model wherein an Indian entity becomes the largest shareholder. Haier is seeking a valuation of $2-2.3 billion including a control premium according to an Economic Times report. The company has been working with Citi since 2023 to attract large family offices and private equity funds for the sale. There is huge competition for Haier’s stake as high-profile players are interested in its stake. Sunil Mittal has formed a consortium with Warburg Pincus while other contenders like TPG and the Burman family (Dabur) Goldman Sachs and Amit Jatia family and GIC of Singapore with BK Goenka of Welspun. A consortium for Puneet Dalmias family office and Bain Capital has opted out from the plan. According to a media report Reliance is directly in talks with Haier’s headquarters in Qingdao. Its advisors are working on the deal and the company wants to go solo. The acquisition is expected to be executed through Reliance Retail. Chinese companies are working on equity dilution with Indian partners mainly due to geopolitical and economic pressures.After tariff impositions by the US Chinese firms are building good relations with Indian companies. However India’s Press Note 3 norms have made it mandatory to take government approval for investments from countries sharing borders with India. This has slowed the approval process for Chinese ventures including Haier’s ₹1000 crore foreign direct investment (FDI) application from 2023 which remains pending.