 "Whirlpool aims to double sales by 2020")
Whirlpool India on Saturday said its board has approved a proposal to enter into a strategic joint venture with Elica and acquire 49 per cent equity in Elica PB India Pvt.
This, it said is in line with the strategic priority for Whirlpool India to expand the cooking and built-in appliance portfolio.
"As part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India," Whirlpool said in a filing to stock exchanges.
However, the statement did not disclose financial details of the transaction.
The parties expect the transaction to close in the second half of 2018.
Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.
The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand," said Sunil D'Souza, Managing Director of Whirlpool India.
Speaking about the joint venture, Pralhad Bhutada, CEO of Elica PB India said that with the addition of Whirlpool brand's products, "We will be offering two very appealing appliance brands to the Indian consumers and we are confident that we can take both these brands to greater heights".
Whirlpool presently owns three manufacturing facilities at Faridabad, Puducherry and Pune.
