Sunil Bharti Mittal-led conglomerate Bharti Enterprises and private equity firm Warburg Pincus will collectively acquire a 49 per cent stake in Haier Appliances India, the local unit of China's Shandong-based Haier group, for an undisclosed amount. The transaction, according to industry sources, values the company at about 15,000 crore.
Haier's latest H5E range arrives in four sizes: 43-inch, 50-inch, 55-inch and 65-inch.
As a part of its localisation strategy, the $13.9 billion Chinese consumer durables major, Haier's Indian operations on Friday announced the acquisition of Daewoo Anchor Electronics in India.
Prices of televisions are expected to rise by 3-4 per cent from January next year on account of the rising cost of memory chips and depreciation of the rupee, which recently crossed the 90-to-a-dollar mark for the first time.
As lower GST rates take effect on Monday, sales of air-conditioners, TV sets surged dramatically with buyers rushing to grab cheaper deals offered by retailers at the beginning of the Navratra festival.
Haier India, a 100 per cent subsidiary of Haier group of China, on Wednesday launched a series of GSM mobile phones in Kolkata.
'I wasn't just racing, I was paving the way for others.'
For LG Electronics India, the Rs 11,607 crore initial public offering (IPO) is not just a fundraising exercise. The company's senior executives describe it as a step towards becoming "future-ready", showcasing financial strength while preparing for the next phase of growth in a market they see as still underpenetrated.
Haier Appliances (India) Pvt Ltd, a wholly owned subsidiary of Chinese white goods major Haier Technology, is planning to enter the Indian market in a big way by launching models across various product categories.
In a market dominated by global players, home appliances brand Haier on Friday said it is confident of carving a space for itself in the Indian mobile telephone segment and be among the top players in a couple of years.
As temperatures shoot up this month signalling an early onset of summer, sales of air conditioners (AC) are set to increase, with companies expected to hike the prices of ACs by 4-5 per cent due to component shortages. Leading players like Haier and Bluestar and suppliers like EPack Durables have raised their production capacities to meet the 25-30 per cent rise in demand expected in the coming months.
Chinese home appliances company Haier India, which recently forayed into the Indian market, plans to set up a research and development centre near New Delhi with Rs 30-50 lakh
With bouyant demand in domestic market, increasing exports, the co would need to set up a second manufacturing plant in about three years.
Chinese mobile handset maker Haier on Wednesday said it was mulling over setting up a manufacturing unit in India in the next 18-24 months.
Aiming to sell half a million mobile sets within a year, Haier -- a leading home appliances brand on Tuesday announced its foray into the Indian mobile handset market with the launch of its seven GSM mobile sets in Delhi.
Chinese consumer electronics firm Haier has taken the wholly owned subsidiary route to return to India, about two years after the distribution alliance with a local partner was terminated.
Electronics major has tied up with Reliance Comm and Tata Tele.
Despite the robust growth in this country, Apple's India share in its overall global sales remained modest -- constituting 1.5 per cent of its overall turnover of $389 billion in FY23.
Two major consumer durables and home appliances makers Sony and Samsung have ruled out any immediate hike in prices of products even as a steep fall in rupee against dollar has squeezed margins.
As the rupee continues its freefall against the dollar, cars, TVs, washing machines and other home appliances are set to cost more with companies set to hike prices to offset impact on their margins.
Consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, are increasing prices of their products by up to 5 per cent following the withdrawal of excise duty sops, coupled with high input costs.
The festival season has already begun in the west and south of India with Ganesh Chaturthi and Onam, respectively, and consumer companies are witnessing a pick-up in sales compared to pre-Covid levels. Retailers, fast-moving consumer goods (FMCG) and consumer durables companies expect their sales to grow in double digits this festival season compared to pre-pandemic times, as there are no curbs on movement now. Adani Wilmar expects sales volume to be higher by 15-20 per cent as rural India has largely witnessed good monsoon rains, and employment has picked up in urban areas.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Consumer Electronics and Appliances Manufacturers Association Consumer has also welcomed the move saying the it would improve the sentiments and strengthen the growth.
The company has entered into a brand licensing agreement with Global Brands Enterprise Solutions, a firm promoted by Chinese white goods player Haier's former India head Pranay Dhabhai.
They might have made little headway in the market so far, but leading Chinese consumer electronics companies are busy drawing up big plans to expand their footprints in India. After acquiring Anchor Daewoo's appliance business last year, Haier is on the prowl for some local brands. TCL is getting ready to expand its product range to mobile phones and home appliances.
A few days ago, Reliance Retail surprised the market by acquiring the Campa brand from Delhi-based Pure Drinks Ltd for Rs 22 crore. A successful cola brand in the eighties, especially in North India, Campa Cola thrived when Coke exited India in the late seventies. When the Atlanta-based major returned and PepsiCo set base in India, it went down fighting.
The latest hike is likely to be followed by another such move next month, said industry players. Before the latest hike, companies had initiated price hikes to the tune of 12-13 per cent in 2021 but they weren't able to fully cover the increase in costs.
Indian businesses' weak ability to compete overseas says much about the infirmities imposed by the intensity of government dominance of economic policy and the nature of this dominance, observes Kanika Datta.
Almost 40 per cent of a durable company's sales are achieved during the festival season
Durable goods companies and retailers say online sales won't compensate for the fall in offline sales.
This year, leading companies such as Samsung, LG, Haier and Whirlpool are launching a slew of products to push sales during the festive season, minus the discounts.In the previous years, the focus during the season was to create excitement around promotions, discounts and the free gifts. This year, the industry seems to be counting on shifting the focus to the new products being launched in the market, with a view to provide more value-added options for the consumer.
The World Cup will begin in Bhubaneswar from November 28 and Rizwan said his team is well prepared to handle the pressures during the prestigious tournament.
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