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Mittal, Warburg Pincus eye majority stake in Haier India at steep discount
Sharleen Dsouza Dev Chatterjee Mumbai
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Sunil Mittal's family office and US-based private equity major Warburg Pincus have submitted a bid to acquire a 49 per cent stake in Haier India at a sharply reduced valuation of ₹6,000 crore ($720 million), according to people familiar with the matter.
The Chinese parent, Haier Group, had initially sought a valuation of around $2 billion (₹17,100 crore), but offers were significantly lower, said one of the persons, asking not to be named as the discussions are private. Haier is now weighing whether to proceed with the deal or wait for improved market conditions, the person added.
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