TPG and GIC pursue Haier's Indian operations stake

TPG Capital and Singapore's GIC are competing to buy a stake in Haier's Indian operations. They aim for up to a 49% share in the company. TPG is partnering with the Burman family, while GIC has teamed up with the Goenka family from the Welspun Group. Bidding has already begun, and both firms are currently reviewing the company's details. Haier has hired Citigroup Capital Markets to assist in finding buyers. Wall Street firms Warburg Pincus and Bain Capital are also in the mix. This interest emerges amid new regulations for Chinese firms operating in India. Bidders must ensure they do not have significant Chinese financial ties. The deal could be valued at around $2 billion, and binding bids are expected by the end of next month. Haier established its Indian branch in 2003 and is known for products like refrigerators and air conditioners. It ranks as the third-largest consumer durables maker in India, following LG and Samsung. Demand for these goods is rising in India, driven by increased incomes and technological advances. The Indian electronics sector is projected to grow significantly, reaching $300 billion by 2025.