Whirlpool India acquires additional stake in Elica for $57 million

Whirlpool India acquires additional stake in Elica for $57 million

Home appliances maker, Whirlpool of India Ltd is acquiring additional stake in kitchen appliance maker Elica PB India which will take its ownership from current 49% to 87% for $57 million, as per a media release issued by the companies.

Elica PB India will become a majority-owned subsidiary of

and its financial statements will be consolidated within Whirlpool India.

The transaction is expected to close by the end of September 2021, the release said. Both organizations will continue to run their operations similar to their current state. Whirlpool India initially acquired 49% in Elica PB India in 2018.

Vishal Bhola, managing director at 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,” he said.

Elica PB India has a manufacturing unit in Pune and sells kitchen hoods, hobs and cooktops. Whirlpool is one of the leading brands in washing machines and refrigerator segments in India.

Source link

Add a Comment

Your email address will not be published.