Consumer durables company, Whirlpool India, on Saturday said that it will acquire 49 per cent stake in Elica PB India Pvt Ltd for an undisclosed amount, as part of its strategy to strengthen its presence in cooking and built-in appliances segment .
Elica PB India, a subsidiary of Elica Spa Italy, makes kitchen hoods, built-in hobs and cooktops. It has been operating in India in 2010.
Whirlpool India said that this will be a strategic joint venture and Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. The two companies expect this transaction to be closed in the second half of 2018.
In a statement, Sunil D’Souza, Managing Director of Whirlpool India, said, “The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, and manufacturing and also broaden its distribution.”
Pralhad Bhutada, CEO of Elica PB India, added, “Elica PB has built a very strong product portfolio and distribution network for the Elica brand. 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.”