Whirlpool Corporation sells 24% stake in India unit

Whirlpool Corporation, a leading manufacturer of home appliances, has sold a 24% stake in its India unit worth ₹3,880 crore ($468 million). The company’s wholly-owned subsidiary, Whirlpool Mauritius Limited, executed this sales transaction of 30.4 million equity shares through market trade.

After the sales transaction, Whirlpool Corporation’s stake in the India unit was reduced from 75% to 51%. Meanwhile, the parent company plans to use sales proceeds to reduce debt.

According to BSE bulk deal data, SBI Mutual Fund, Societe Generale and Nippon India Mutual Fund, DSP Mutual Fund, Aditya Birla Sunlife and ICICI Prudential Mutual Fund were six buyers who picked up a stake in Whirlpool India at ₹1,277 apiece.

Following the stake sale, the company said it continues to see India as a significant marketplace for growth and an integral part of its growth strategy. Whirlpool Corporation remains committed to expanding the business with new product launches and the recently acquired the Elica India business.