Haier Group Eyes Indian Expansion with Major JV Investment

Haier Group, a prominent Chinese appliance manufacturer, is planning a joint venture with India's JSW Group, proposing a Rs 1,000 crore investment. The proposal requires government approval, given India's regulations on firms from bordering countries. Haier is expanding to meet growing market demands in India.

Haier Group, a major Chinese appliance manufacturer, is making strategic moves to expand its footprint in India by setting up a joint venture with the JSW Group worth Rs 1,000 crore, according to inside sources.

Haier's proposal, submitted to the government, falls under India's Press Note 3 of 2020, necessitating mandatory approval for firms from countries sharing land borders with India, including China. This proposal has been reviewed by an inter-ministerial committee headed by the Home Secretary.

With India serving as Haier's third-largest market globally, the company is keen on scaling its manufacturing capacity to tap into the rising demand from its bustling urban middle class and emerging rural markets. Currently, Haier operates significant units in Pune and Greater Noida and is planning substantial expansions to better serve its growing customer base.

(With inputs from agencies.)