Whirlpool to Sell Stake in India, Reduce Debt
By Rediff Money Desk, NEWDELHI Nov 30, 2023 18:37
Whirlpool Corporation plans to sell up to 24% stake in Whirlpool of India in 2024 to reduce debt. The company remains committed to the Indian market.
![Whirlpool to Sell Stake in India, Reduce Debt](https://im.rediff.com/money/2017/mar/30whirlpool.gif)
New Delhi, Nov 30 (PTI) American home appliances major Whirlpool Corporation is planning to sell up to 24 per cent stake in its Indian arm, Whirlpool of India Ltd next year to raise funds to reduce debt level, according to a regulatory filing.
On November 30, 2023, Whirlpool Corporation announced its intention to enter into one or more transactions to sell up to 24 per cent of its ownership interest in Whirlpool of India Ltd in 2024, the company said in a regulatory filing, which was shared on BSE by Whirlpool of India.
"The company maintains a 75 per cent ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions," it added.
Further, Whirlpool Corporation said it expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.
"Proceeds expected to be used for debt repayment are incremental to the USD 500 million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023," it added.
Whirlpool Corporation asserted that it continues to see India as a significant marketplace for growth and an integral part of its growth strategy and it "remains committed to expand the business with new product launches and the recently acquired Elica India business".
Whirlpool of India is a listed entity with 25 per cent public shareholding.
On November 30, 2023, Whirlpool Corporation announced its intention to enter into one or more transactions to sell up to 24 per cent of its ownership interest in Whirlpool of India Ltd in 2024, the company said in a regulatory filing, which was shared on BSE by Whirlpool of India.
"The company maintains a 75 per cent ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions," it added.
Further, Whirlpool Corporation said it expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.
"Proceeds expected to be used for debt repayment are incremental to the USD 500 million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023," it added.
Whirlpool Corporation asserted that it continues to see India as a significant marketplace for growth and an integral part of its growth strategy and it "remains committed to expand the business with new product launches and the recently acquired Elica India business".
Whirlpool of India is a listed entity with 25 per cent public shareholding.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Vi Improves...](https://im.rediff.com/80-80/money/2024/may/14may-vi.jpg)
Vi Improves Network Coverage in Uttarakhand & UP
Vi expands L900 & L2100 technologies in UP and Uttarakhand, offering improved indoor...
![Swiss Investment...](https://im.rediff.com/80-80/money/2020/jan/17piyush-goyal.jpg)
Swiss Investment in India: Goyal Invites Firms
India's Commerce Minister Piyush Goyal has invited Swiss companies to invest in India,...
![GoMechanic Turns...](https://im.rediff.com/80-80/money/2014/jun/04cars19.jpg)
GoMechanic Turns Profitable, Targets 1,000...
GoMechanic, acquired by Servizzy, achieves operational profit in Q1 FY24 and reports Rs...