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Haier Group eyes Rs 10 billion JV with JSW Group
Industry News- Nov 05,24
This potential collaboration follows a 2023 JV between JSW and Chinese automaker SAIC Motor, where JSW took a 35% stake in MG Motor India.
China’s Haier Group, a prominent appliance manufacturer, is planning a joint venture (JV) with India’s JSW Group, proposing an investment of Rs 10 billion, sources revealed. The Shandong-based company's proposal, falling under India’s Press Note 3 of 2020, which mandates government clearance for firms from bordering nations, has been submitted for approval to the inter-ministerial committee led by the Home Secretary.
This potential collaboration follows a 2023 JV between JSW and Chinese automaker SAIC Motor, where JSW took a 35% stake in MG Motor India. Haier, operating in India since 2003 through its subsidiary Haier Appliances India, has established itself as a leading brand in consumer electronics, with two manufacturing units in Pune and Greater Noida.
Currently, India ranks as Haier’s third-largest market after China and the US, with over Rs 80 billion in business and a manufacturing output of 9 million units annually. Haier, which has invested Rs 35 billion in India to date, is expanding production to cater to growing demand from rural and urban middle-class markets, competing with brands like Samsung, Panasonic, and Godrej Appliances.
An email inquiry sent to both Haier and JSW remains unanswered regarding further details on the JV.
(PTI & ZEEBIZ)
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