Bharti Enterprises—controlled by telecom tycoon Sunil Mittal—and U.S. private equity firm Warburg Pincus agreed to buy 49% of Haier India amid strong demand for home appliances in the world’s most populous country.

Under the deal, Bharti and Warburg will jointly hold the minority stake, while China’s Haier Group and Haier India’s management team will own the rest of the company. While financial details weren’t disclosed, Bloomberg previously reported the partners to be working on a deal that could be worth about $2 billion.

“Bharti is........

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