Mumbai: Asia’s business titan Mukesh Ambani is locking horns with Sunil Mittal’s Bharti Enterprises to acquire a stake in the Indian unit of Chinese electronics giant Haier. Haier, the third-largest player in India after LG and Samsung, plans to sell 25% to 51% of its stake to expand locally with an Indian partner. “This deal could reshape India’s electronics market,” says industry analyst Rahul Mehta. The race, initially led by Mittal, now sees Reliance as a formidable contender.

Valued at $2 to $2.3 billion, including a control premium, Haier is working with Citigroup to negotiate with private equity funds and family offices. Reliance entered the fray with a non-binding offer this year, with its advisors directly contacting Haier’s Qingdao headquarters. Meanwhile, Mittal met Haier’s top management in China weeks ago. Both companies, already rivals in telecom, are now escalating their competition for the Haier stake, adding a new chapter to their rivalry.

Haier aims to create a structure where an Indian partner holds 45-48% equity as the largest shareholder, with 3-6% reserved for employees and distributors. Reliance Retail, already active in electronics with brands like BPL and Kelvinator, could spearhead this acquisition. While the deal is in early stages and other investors are showing interest, the outcome remains uncertain. This acquisition could bring innovative, affordable products to Indian consumers, but the final winner in this high-stakes battle is yet to be determined.