China's Haier plans joint venture with JSW group, plans Rs 1k cr investment

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China's Haier plans joint venture with JSW group, plans Rs 1k cr investment - Business Standard

Quick Summary:

The proposal of Shandong-based Haier Group has been submitted to the government as it attracts Press Note 3 of 2020, under which all firms in countries that share land borders with India need mandatory government approval.

Last year in November, the USD 24-billion JSW Group signed a JV with China's auto major SAIC Motor to acquire a 35 per cent stake in MG Motor India.

Haier Group, a leading Chinese appliances manufacturer, has plans to set up a joint venture with India's JSW Group envisaging a proposed investment of Rs 1,000 crore, sources said.