Advertisement
Tuesday, Dec 07, 2021
Outlook.com
Outlook.com

Whirlpool Of India To Acquire Additional 38 Per cent Stake In Elica PB India

After the completion of the deal, Elica PB India will become a majority-owned subsidiary of Whirlpool India.

Whirlpool Of India To Acquire Additional 38 Per cent Stake In Elica PB India
Whirlpool Of India To Acquire Additional 38 Per cent Stake In Elica PB India
outlookindia.com
2021-09-28T09:07:20+05:30

Consumer durables maker Whirlpool of India Ltd said it has inked a pact to acquire an additional 38 per cent stake in Elica PB India for $57 million (around Rs 420 crore).

The company said it has entered into a share purchase agreement with Elica S.p.A to acquire the additional equity interest in Elica PB India to bring its total equity ownership to 87 per cent. 

The transaction is expected to close by the end of September 2021, Whirlpool of India said in a statement. After the completion of the deal, Elica PB India will become a majority-owned subsidiary of Whirlpool India, it added.

Both organisations would, however, continue to run their operations similar to their current state, the consumer durables maker noted.

Whirlpool India had in 2018 acquired 49 per cent stake in Elica PB India, which produces diverse models of kitchen hoods, hobs and cooktops.

We are very excited about this transaction and it is aligned with our ambition to accelerate profitable growth in India,” Whirlpool of India Managing Director Vishal Bhola said.

(With inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

Nagaland Ambush: Not Just AFSPA, It’s Time To Do Away With Most Special Laws

It may be time for India to uphold human dignity, take a hard look at some of its regressive laws like AFSPA which includes Special Laws that authorises detention without trial.

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Why AFSPA In Jammu And Kashmir Is Not Just A Defence Act

Has the AFSPA become an ideological Act, a tool to revise Kashmir history? Many analysts believe so.

Why England Are Resting James Anderson Vs AUS In 1st Ashes Test

Why England Are Resting James Anderson Vs AUS In 1st Ashes Test

The decision to rest Anderson at Gabba for the first Ashes 2021-22 Test is part of an English plan to keep the pace spearhead fresh for bigger challenges.

How Nagaland Incident Flared Up And Why There Is A Call To Repeal AFSPA?

How Nagaland Incident Flared Up And Why There Is A Call To Repeal AFSPA?

The Nagaland incident has highlighted several flaws in the Armed Forces Special Powers Act (AFSPA). What went wrong? We explain.

Advertisement