(Bloomberg) -- Chinese household appliance maker Haier Smart Home Co. has drawn preliminary interest from Temasek Holdings Pte and GIC Pte as prospective investors in its Indian business, according to people familiar with the matter.
Other firms that may potentially be interested in buying a minority stake in Haier Appliances (India) Pvt. include Abu Dhabi sovereign wealth fund Mubadala Investment Co., the people said, asking not to be identified because the matter is private. A transaction could value Haier’s Indian assets at about $4 billion to $5 billion, two of the people said.
Haier is working with Citigroup Inc. on the potential deal, the people said. Deliberations are preliminary and Haier may decide against pursuing a sale, the people said.
Representatives for Temasek and Citigroup declined to comment, while Haier, GIC and Mubadala didn’t immediately respond to requests seeking comment.
Haier has been considering selling a stake ranging from 25% to 49% in its Indian unit, The Economic Times reported in October.
Haier India sales in the first half of the year grew by more than 25%, after making long-term investments across the value chain, the company said in an interim report. The company has been expanding its retail network, helping it capture more than 20% market share.
--With assistance from Elffie Chew and Nicolas Parasie.
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