Whirlpool intends to reduce stake in India unit to about 20% in 2025 (updated)
30/01/2025 03:09
(Adds expected deal value, statement from filing in paragraphs
2, 3)
Jan 30 (Reuters) - Home appliances maker Whirlpool of
India WHIR.NS said on Thursday its parent Whirlpool Corp
WHR.N intends to reduce its stake in the company to about 20%
this year via market sale.
Whirlpool Corp in its fourth-quarter earnings results said
it expects net cash proceeds of $550 million to $600 million
from the above-anticipated India transaction and sees the deal
closing by mid to late 2025.
"In 2025, our clear capital allocation priorities along with
the anticipated India transaction will maximize shareholder
value and further strengthen our balance sheet," Whirlpool Corp
said.
The parent company currently has a 51% stake in its India
unit.
Last year, Whirlpool Corp sold a 24% stake in the Indian
unit for about $468 million in a bid to reduce debt.
Whirlpool of India shares rose 34.6% in 2024, snapping three
straight years of fall.
(Reporting by Ashish Chandra in Bengaluru; Editing by
Subhranshu Sahu)
((ashish.chandra@thomsonreuters.com; +91 7982114624;))