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

Haier Group, a leading Chinese appliances manufacturer, is planning to set up a joint venture (JV) with India's JSW Group with an investment of ₹1,000 crore. This proposal has been submitted to the Indian government for approval, as it falls under Press Note 3 of 2020, which requires mandatory government approval for investments from countries sharing land borders with India.

The JV aims to tap into the growing demand for home appliances and consumer electronics in India, where Haier already has a significant presence.

Haier operates through its subsidiary, Haier Appliances India, which has two manufacturing units in Pune and Greater Noida.

According to media reports, the third-largest appliances company in India after LG and Samsung, Haier Group is also willing to part-away majority stake to JSW Group.

This collaboration is expected to boost manufacturing capacity and expand Haier's reach in the Indian market, which is the third largest for Haier Group globally after China and the US.

Apart from the recent joint venture with Haier Group, JSW Group has also partnered with another Chinese company, 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 joint venture, named JSW MG Motor India Private Ltd, aims to expand MG Motor India's production capacity from 1 lakh units to 3 lakh units per annum.

Late last month, JSW Steel, in collaboration with Japan's JFE Steel, announced a JV to acquire thyssenkrupp Electrical Steel India, which is one of the first manufacturers of electrical steel in India.

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