M&A
Whirlpool ups stake to 87% in kitchen appliances maker Elica for $57-M
Home appliances maker, Whirlpool of India Ltd is acquiring additional stake in Pune-based kitchen appliance maker Elica PB India which will take its ownership from current 49% to 87% for USD 57 million. Elica PB India will become a majority-owned subsidiary of Whirlpool India. The transaction is expected to close by the end of September 2021. Both organizations will continue to run their operations similar to their current state. Whirlpool India initially acquired 49% in Elica PB India in 2018. Elica has a manufacturing unit in Pune and sells kitchen hoods, hobs and cooktops.
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