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Whirlpool increases stake in Elica PB to 87%

Whirlpool increases stake in Elica PB to 87%

Elica PB India will become a majority-owned subsidiary of Whirlpool India, and its financial statements will be consolidated with the home appliance major’s

BusinessToday.In
  • Updated Sep 28, 2021 8:45 AM IST
Whirlpool increases stake in Elica PB to 87%Whirlpool currently owns 49 per cent in Elica PB India

Whirlpool announced on Monday that it has increased its stake in kitchen appliance company Elica PB India. The home appliance giant that currently owns 49 per cent in Elica PB India will acquire an additional 38 per cent equity interest for $57 million. This will bring its total equity ownership to 87 per cent, the company said in a statement.

Elica PB India will become a majority-owned subsidiary of Whirlpool India, and its financial statements will be consolidated with the home appliance major’s. The transaction is likely to be completed by the end of September. Both the organisations will continue to run their operations in the current manner. 
                           
"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,” said Vishal Bhola, Managing Director, Whirlpool India.

Pralhad Bhutada, CEO and Director of Elica PB India said that through their deal, both the companies will offer consumers a more comprehensive range of innovative, premium cooking solutions for both brands.

Whirlpool is one of the leading home appliance brands in India. Based in Gurugram, the company entered India in the 1980s, when it globally expanded. Currently the company has three state-of-the-art manufacturing facilities at Faridabad, Pondicherry and Pune.

Elica SpA formed a joint venture, Elica PB India Private Limited in India, in 2010. The manufacturing unit in India is located in Pune, Maharashtra.

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Published on: Sep 28, 2021 8:45 AM IST
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