Haier Appliances India has attracted an initial bid from Reliance Retail for the sale of a controlling stake, according to two sources familiar with the situation.

The Chinese consumer appliances firm is seeking to divest more than a 50% stake in its Indian unit and localise the business, in response to India’s increasing regulatory curbs on investments from bordering nations, said the sources.

The process is still in its early stages and remains fluid, involving the Indian retail giant, alongside multiple Indian family offices, they added.

Major Indian family offices have partnered with private equity firms vying to acquire a stake in Haier India for about USD 1bn, previous media reports said. Bharti Enterprises founder Sunil Mittal’s office partnered with Warburg Pincus, Dabur’s Burman family teamed up with TPG, while Welspun Group’s Goenka family bid along with GIC, as reported.

Bain Capital – which also reportedly partnered with Puneet Dalmia’s family office from the Dalmia Bharat Group and placed a bid – is reconsidering whether to pursue the deal or not, the first source said.

Haier Appliances India is expected to have over USD 2bn in enterprise valuation, and the potential deal for a controlling stake could exceed USD 1bn, the second source added.

In 2024, the company clocked a revenue of INR 89bn (USD 1.04bn). It expects to cross a topline of INR 115bn in 2025, a media report said, citing Haier Appliances India President NS Satish.

Haier Appliances India’s product portfolio includes refrigerators, washing machines, TVs, air conditioners, water heaters, microwave ovens, kitchen appliances and home gadgets, according to its website.

Bain Capital declined to comment. Haier Group, Haier Appliances India, and Reliance Retail did not respond to requests seeking comments.

[Editor’s note: The last paragraph has been amended to clarify that Haier Group did not respond to a request for comment.]