India's Bharti Enterprises, Warburg to buy 49% of appliances maker Haier India

Dec 24 (Reuters) - Sunil Mittal-led Bharti Enterprises and private equity firm Warburg Pincus will purchase a 49% stake in appliances maker Haier India from China's Haier Group, the companies said on Wednesday.

Haier Group will retain a 49% stake in the Indian entity, while employees will own the remaining 2%.

The companies did not disclose the deal value or valuation. However, Indian business daily Economic Times, citing industry executives, reported earlier in the day that Haier India was likely worth 150 billion rupees ($1.67 billion).

($1 = 89.8075 Indian rupees)