Mukesh Ambani vs Sunil Mittal: Ambani takes the fight beyond telecom sector as Reliance, Bharti Group fight for major stake in…

Mukesh Ambani-led Reliance Industries Limited (RIL) and Sunil Mittal-owned Bharti Group are vying for a significant stake in the Indian business of Chinese consumer electronics manufacturer Haier.

Asia richest man Mukesh Ambani and Airtel Chairman Sunil Mittal have a storied rivalry in the telecom sector as Ambani’s Jio dethroned Airtel to become the largest telecom service provider in India. Now, the rivalry between the two business tycoons is set to extend beyond the telecom sector as Mukesh Ambani-led Reliance Industries Limited (RIL) and Sunil Mittal-owned Bharti Airtel are vying for a significant stake in the Indian business of Chinese consumer electronics manufacturer Haier.

Mukesh Ambani vs Sunil Mittal jumps beyond telecom sector

According to a report by the Economic Times, both Reliance and a consortium that includes Bharti Group’s Sunil Mittal, are eyeing a substantial stake in Haier’s Indian operations.

The consortium with Warburg Pincus, was established by Sunil Mittal in 2024, and the competition includes major names such as TPG partnering with the Burman family of Dabur, Goldman Sachs with the Amit Jatia family, and GIC of Singapore collaborating with BK Goenka of Welspun, following their initial alliance with Uday Kotak.

Recently, Mukesh Ambani-led Reliance also joined the competition after initial non-binding proposals were submitted earlier this year. As per reports, Reliance consultants have established direct communication with Haier’s main office in Qingdao, while Sunil Mittal met senior officials of Haier in China, a few weeks ago.

While other bidders are approaching in groups, Reliance has chosen to proceed on its own as the Mukesh Ambani-led conglomerate aims to expand its consumer electronics business that already includes familiar names like BPL and Kelvinator.

Haier seeks major Indian partner

Haier Appliances India, the Indian arm of the Chinese firm, currently has the third largest share in India’s consumer electronics market after LG and Samsung, and is exploring options to reduce its equity by 25% to 51%, which would make a potential Indian partner as the principal shareholder.

The move by Chinese companies is being seen as a response to US President Donald Trump’s tariff war, which would make Chinese-made products costlier in the US market. Chinese firms are now willing to reduce their stakes in favour of Indian entities to maintain their expansion in India.

As per the ET report, Haier India seek a $2-2.3 billion, inclusive of a control premium, and has engaged Citi to connect with substantial family offices and private equity funds for stake acquisition since late last year.