Whirlpool has signed a pact to acquire the additional 38 percent stake in Elica PB India for US$ 57 million and this will take its ownership from the current 49 percent to 87 percent.
Consumer durables maker Whirlpool of India Ltd announced that it has inked a pact to acquire an additional 38 percent stake in Elica PB India for US$ 57 million (around Rs 420 crore). This will take its ownership from the current 49 percent to 87 percent, as per a media release issued by the companies.
Elica PB India will become a majority-owned subsidiary of Whirlpool India NSE 2.01 percent and its financial statements will be consolidated within the company.
The transaction is expected to close by the end of September 2021 and both the organizations will continue to run their operations similar to their current state.
Vishal Bhola, Managing Director, Whirlpool India, said, “The transaction is aligned with the company’s ambition to accelerate profitable growth in India. Cooking and built-in appliances are under-penetrated categories and the demand has now accelerated with consumers picking up cooking as a passion and investing more in their kitchens. Our consumers have always been at the heart of our business and now with both Elica and Whirlpool brands, we are in an even better position to improve life at home for them.”
Elica PB India has a manufacturing unit in Pune and sells kitchen hoods, hobs, and cooktops. Whirlpool is one of the industry leaders in the laundry and refrigeration segments in India.