Apax, Bain, Carlyle in fray for majority stake in Harman India’s digital arm: Report

Deutsche Bank has been appointed as the investment advisor to handle the stake sale process.

Global private equity majors, including Apax Partners, Bain Capital, Carlyle, and General Atlantic, are in contention to acquire a controlling stake in the Indian digital transformation services (DTS) unit of Harman US, according to a report by Mint, citing three people familiar with the matter.

Harman US, a subsidiary of South Korea’s Samsung Group, is reportedly seeking a valuation of $400–500 million for the Indian DTS business, the Mint report said. Due diligence is currently underway, and the second round of bidding is likely to take place next month, one of the people told Mint on condition of anonymity.

Deutsche Bank has been appointed as the investment advisor to handle the stake sale process.

While Harman is widely recognised for its consumer audio brands like JBL, Harman Kardon, and Infinity, the division up for sale is separate from its lifestyle audio segment. The DTS unit provides digital transformation solutions across sectors and is a key contributor to the company’s revenue growth, particularly through its Indian operations.

In a statement to Mint, a Harman India spokesperson said: “Harman does not comment on market speculation or rumors. As a global leader in technology and innovation across the automotive, consumer, and enterprise markets, we remain focused on delivering solutions that amplify life experiences. We are always exploring opportunities to strengthen our business, enhance our capabilities, and deliver value to our customers and stakeholders.”

According to Mint, spokespersons for Apax, Carlyle, and General Atlantic declined to comment, while Bain Capital did not respond to emailed queries. Moneycontrol could not independently verify the report.

Harman US, headquartered in Connecticut, is a global leader in audio systems, automotive infotainment, and connected lifestyle solutions. While its primary revenue comes from the automotive segment, its Indian DTS business is positioned as a centre of excellence, with a significant workforce supporting innovation and growth across key verticals such as healthcare, communications, and industrial applications.

Harman India is a wholly owned subsidiary of Harman US, with operations divided into four core segments: Lifestyle, Connected Car, Professional, and the India Development Centre.