Whirlpool Corporation to pare down stake in India unit to 20% this year

International consumer durable major Whirlpool Corporation has announced that it plans to sell down its ownership stake in Whirlpool India to about 20 per cent by mid to late 2025. Whirlpool Mauritus Ltd currently owns 51 per cent stake in Whirlpool of India Ltd. The company had last year too pared down some stake in its India unit.

Whirlpool Corporation as part of its fourth quarterly earnings announced its intention to “sell down its ownership interest in Whirlpool of India to approximately 20 per cent” later this year. It added that this will be done “by way of one or more market sales”. “ The company added that it expects to remain the largest shareholder following completion of this stake sale.

Increased autonomy

“Whirlpool India remains a relevant part of Whirlpool Corporation’s portfolio and we continue to believe Whirlpool India has a strong long-term trajectory for growth. We intend the anticipated sell-down to result in increased autonomy for Whirlpool India to adjust to ever-evolving industry conditions, enabling it to focus on accelerated growth and utilising the well-funded business to invest further,” the BSE filing stated.

The consumer durables major also said that sustained brand license, technology agreements as well as transition commitments will continue to support the business operations. ”We deliver these actions will bring value to Whirlpool India’s shareholders,” the BSE filing added.

Whirlpool Corporation had last year sold 24.7 per cent stake in its India unit.