Whirlpool of India rose 2.15% to Rs 2289.20 after the company said it entered into agreements to acquire majority stake of Elica PB India.
Whirlpool of India has entered into a share purchase agreement with Elica S.p.A to acquire an additional stake in Elica PB India.Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018. It will now acquire an additional 38% equity interest for $57 million to bring its total equity ownership to about 87%.
Elica PB India will become a majority-owned subsidiary of Whirlpool India and its financial statements will be consolidated within 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.
On a consolidated basis, net profit of Whirlpool of India rose 61.97% to Rs 25.51 crore on 30.53% rise in net sales to Rs 1340.61 crore in Q1 June 2021 over Q1 June 2020.
Whirlpool of India is one of the leading manufacturers and marketers of major home appliances in the country.
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