The transaction is expected to close by the end of September 2021.
"We are very excited about this transaction and it is aligned with our ambition to accelerate profitable growth in India," said Vishal Bhola, Managing Director, Whirlpool 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”
Pralhad Bhutada, CEO and Director of Elica PB India said, “Over the last decade, Elica PB India has built a very strong product portfolio and distribution network in India, which it has been harnessing for the last three years to build both the Elica and Whirlpool brands in the cooking category. I am confident that with our continued relationship, we will offer consumers a more comprehensive range of innovative, premium cooking solutions for both brands.”
At present, Whirlpool India owns a 49% stake in the Elica PB India Private Limited and will acquire an additional ~38% equity interest for US$57 million to bring its total equity ownership to ~87%. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018.
On Sensex, Whirlpool finished at Rs2261.35 per piece up Rs20.30 or 0.9%.