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In line with the strategic priority for Whirlpool India to expand the cooking & built-in appliance portfolio, the board of Whirlpool India approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India Pvt Ltd. As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018.
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. This association will bring outstanding product innovation and provide more options to the kitchens of our consumers.”
Speaking about this Joint Venture, Pralhad Bhutada, CEO of Elica PB India said “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.”