Whirlpool sells 24% stake in India unit for $468 mn, now holds 51%

Whirlpool said on Tuesday it has executed a sale of 24% of its stake in its India unit for about $468 million.

Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75% to 51%.

The company expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.

The sale was first reported by Reuters on Monday. Goldman Sachs is advising the company on the deal, the report said citing a term sheet.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)