Haier Group has submitted a proposal to establish a joint venture with India’s JSW Group, involving an investment of approximately Rs 1,000 crore. The application, filed with the Indian government, is under review by an inter-ministerial committee led by the Home Secretary, in accordance with Press Note 3 of 2020, which requires government approval for investments from countries that share land borders with India.
This proposed partnership comes on the heels of another recent joint venture by JSW Group with China’s SAIC Motor, resulting in the formation of JSW MG Motor India Pvt Ltd, where JSW holds a 35 percent stake.
Haier has been active in the Indian market since 2003 and operates manufacturing facilities in Pune and Greater Noida. Currently, Haier India’s operations account for over Rs 8,000 crore in business volume, producing around 9 million units annually. India ranks as Haier’s third-largest market globally, following China and the United States, where the company has invested a total of Rs 3,500 crore.
The proposed joint venture aims to meet growing demand for appliances in India’s rural, small-town, and urban middle-class markets by offering affordable product options.