Haier Group to Form JV with JSW Group, Invest $119 Million
India: Haier Group, a leading Chinese home appliances manufacturer, plans to establish a joint venture with India’s JSW Group, with an anticipated investment of $119 million, according to sources. Shandong-based Haier Group has submitted the proposal for government approval, as required under Press Note 3 of 2020. This regulation mandates that companies from nations sharing land borders with India must receive government clearance for investments. In November of last year, the $24 billion JSW Group formed a joint venture with China’s automotive giant SAIC Motor, acquiring a 35% stake in MG Motor India. This venture was named JSW MG Motor India Private Ltd. Currently, Indian entities hold 51% of the company's shares, with JSW owning 35%. Haier Group has operated in India through its subsidiary, Haier Appliances India, since 2003. Based in Greater Noida, the Indian unit functions under Haier Singapore Investment Holding Pte. Haier is a prominent brand in the home appliances and consumer electronics sector, managing two manufacturing facilities in Pune, Maharashtra, and Greater Noida, Uttar Pradesh. With a business volume exceeding $952 million in India, Haier continues to expand its manufacturing capabilities to cater to increasing demand from rural areas, smaller towns, and the urban middle class with its affordable product range. India stands as Haier Group’s third-largest market globally, following China and the US, where it has invested $417 million to date. The company’s two manufacturing units have a combined annual production capacity of 9 million units.
Source: Haier Group