CORPORATE
Haier eyes JV with JSW Group with an investment of Rs 1,000 crore
- IBJ Bureau
- Nov 05, 2024
The Haier Group, a leading Chinese appliances manufacturer, has plans to set up a joint venture with the JSW Group, envisaging a proposed investment of Rs 1,000 crore, sources have said.
The proposal of Shandong-based Haier Group has been submitted to the government, as it attracts Press Note 3 of 2020, under which all firms in countries that share land borders with India need mandatory government approval.
The sources have added that the proposal has been put up before the committee that scrutinises such applications. There is an inter-ministerial committee headed by the home secretary to consider applications under the press note.
Countries which share land borders with India are China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar and Afghanistan.
Last year in November, the $24-billion JSW Group had signed a JV with China’s auto major, SAIC Motor, to acquire a 35 per cent stake in MG Motor India.
The JV was named JSW MG Motor India.
Around 51 per cent of the company’s shares are with Indian entities, including JSW, which has a 35 per cent stake.
The Haier Group operates here through its subsidiary, Haier Appliances India, which was established in 2003. Headquartered in Greater Noida, the India unit is a subsidiary of Haier Singapore Investment Holding.
Report By
View Reporter News