China’s Haier Group to Set Up India JV with JSW Group With Investment of Rs 1,000 Crore

Haier Group, a number one Chinese language home equipment producer, is planning to arrange a three way partnership (JV) with India’s JSW Group with an funding of ₹1,000 crore. This proposal has been submitted to the Indian authorities for approval, because it falls below Press Observe 3 of 2020, which requires obligatory authorities approval for investments from nations sharing land borders with India.

The JV goals to faucet into the rising demand for house home equipment and shopper electronics in India, the place Haier already has a big presence.

Haier operates by way of its subsidiary, Haier Home equipment India, which has two manufacturing models in Pune and Larger Noida.

In response to media stories, the third-largest home equipment firm in India after LG and Samsung, Haier Group can be keen to part-away majority stake to JSW Group.

This collaboration is predicted to spice up manufacturing capability and increase Haier’s attain within the Indian market, which is the third largest for Haier Group globally after China and the US.

Other than the current three way partnership with Haier Group, JSW Group has additionally partnered with one other Chinese language firm, SAIC Motor.

In November 2023, JSW Group acquired a 35% stake in MG Motor India, a subsidiary of SAIC Motor, for ₹5,000 crore. This three way partnership, named JSW MG Motor India Personal Ltd, goals to increase MG Motor India’s manufacturing capability from 1 lakh models to three lakh models every year.

Late final month, JSW Metal, in collaboration with Japan’s JFE Metal, introduced a JV to accumulate thyssenkrupp Electrical Metal India, which is likely one of the first producers {of electrical} metal in India.