Bharti Enterprises and Warburg Pincus on Wednesday agreed to buy 49 per cent stake in washing machine and refrigerator maker Haier India, at around $ 2 billion (around Rs 17,955.5 crore).

The two companies said in a statement they are making a strategic investment in Haier India whose management control will continue to remain with the current Chinese owner. It, however, did not disclose the acquisition price. Industry sources said the deal value can be $ 2 billion.

Post the transaction, Bharti and Warburg Pincus will collectively own a 49 per cent stake in Haier Appliances India Ltd, whose product portfolio spans categories such as air conditioners, refrigerators, televisions, washing machines, and kitchen appliances.

The announcement puts a curtain on a hotly contested race, in which Sajjan Jindal-led JSW group, Mukesh Ambani's Reliance Industries through Jio, were participating.

China-headquartered home appliances and consumer electronics maker 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. So far, 100 per cent stake was held by Haier Group.

The existing team will continue to lead Haier Appliances India, though the new investors will get board representation.