NEW DELHI: Bharti Enterprises and Warburg Pincus on Wednesday announced a strategic investment in Haier India, a subsidiary of Chinese consumer electronics maker Haier Group - picking up a collective 49 per cent stake in the company.

The size of the deal was not disclosed.

A release said, the strategic collaboration will accelerate Haier’s growth and expansion in India by bringing together and leveraging the company’s global excellence in innovation, Bharti’s strong standing and resultant networks, and private equity firm Warburg Pincus’ strong track record of scaling brands.

“Bharti Enterprises, one of India’s most prominent and diversified business conglomerates, and Warburg Pincus, the pioneer of global growth investing, today announced a strategic investment in Haier India, a subsidiary of the Haier Group,” it said.

Following the completion of the transaction, Bharti and Warburg Pincus will collectively own a 49 per cent stake in Haier India.

Haier Group will retain a 49 per cent ownership stake in Haier India, with the remaining stake to be held by Haier India’s management team.

“The partnership will bolster Haier India’s Made in India, Made for India’ vision by deepening local sourcing, expanding manufacturing capacity, driving product innovation, and accelerating market penetration,” it said.

The new capital infusion will also enhance Haier India’s competitiveness across the entire value chain, it added.

The move comes at a time when consumer appliance market in India is booming, fuelled by rising disposable incomes, changing lifestyles, and increasing penetration of consumer appliances.

Haier India has a wide product portfolio spanning categories such as air conditioners, refrigerators, televisions, washing machines, and kitchen appliances.

Over the past seven years, it has achieved a CAGR of approximately 25 per cent in India