Bharti Airtel founder Sunil Mittal plans BIG Move: In a significant update for the Indian market Sunil Mittal the founder of Bharti Airtel and US-based private equity major Warburg Pincus have reportedly submitted a bid to acquire a 49 per cent stake in Haier India a part of the Chinese multinational Haier Group. Readers must note that the deal reportedly comes at a sharply reduced valuation of Rs 6000 crore ($720 million). Here are all the details you need to know about the exclusive negotiations between Haier Appliances India Pvt Ltd and the consortium led by Bharti Enterprises chairman Sunil Mittal and private equity firm Warburg Pincus. As per a report carried by the Business Standards a consortium led by Bharti Enterprises chairman Sunil Mittal and private equity firm Warburg Pincus is in exclusive negotiations to acquire a 49% stake in Haier Appliances India Pvt Ltd. The report also says that the current plan includes equal ownership between Haier China and the Mittal-Warburg consortium. What is Haier Appliances expecting from India! In an update from few months back Home appliances maker Haier declared that it is buoyant about the fast-growing Indian market. The companys India President N Satish said that it is positive about its India growth where it aims to become the second largest player in the next five years with increased investments in manufacturing and product portfolio expansion. Is Haier Appliances India part of Chinese group? Haier Appliances India a part of the Chinese multinational Haier Group is investing around Rs 800 crore on capacity expansion here this year and has also lined up future expansion plans he said. The company is also increasing indigenisation which is a key thrust area for the company where it expects local souring to contribute up to 80 per cent across products in next two years. (With inputs from agencies)