Whirlpool finds ingredients for growth in the kitchen

The acquisition for kitchen appliances maker Elica India is part of its strategy to achieve its $1 billion revenue target by 2020

On June 1, the board of directors of Whirlpool of India was meeting to discuss a prospective M&A deal. A day later, the firm informed the Bombay Stock Exchange in a regulatory filing that the eight-member board, chaired by Arvind Uppal, had decided to acquire 49 per cent stake in Elica PB India, a company dealing in built-in kitchen appliances. The deal would cost approximately Rs1.62 billion.

Whirlpool Corporation – the American appliances major and parent of the local subsidiary –  holds 12.5 per cent stake in Elica PB India's Italian parent company Elica SpA. And the latest move by