According to a report by The Economic Times, international private equity firms EQT and Bain Capital have emerged as the leading candidates to purchase a 31% controlling stake in Whirlpool of India. Although companies such as TPG, KKR, Havells, and Reliance Industries had previously expressed interest, it has been reported that they are no longer involved. At the moment, EQT and Bain are both carrying out thorough due diligence. It is anticipated that binding bids will be made by August. Whirlpool Mauritius, a division of the US-based Whirlpool Corp, owns the investment and intends to keep 20% of the Indian business.
Following a reported $1.5 billion loss, Whirlpool is selling its stake as part of a broader global restructuring plan that started in late 2022. Goldman Sachs is in charge of the sale process, which formally began in April. Whirlpool hopes to make between $550 million and $600 million (about ₹4,684 crore to ₹5,110 crore) from this agreement. Additionally, an open offer for an extra 26% would be triggered by the sale, possibly granting the bidder up to 57% ownership.
A number of bidders are concerned due to the company’s high valuation estimates and anticipated future royalties to the parent. Through block deals worth ₹4,039 crore, Whirlpool sold a 24.7% stake in its India division to investors, including Societe Generale and SBI Mutual Fund, in February 2023. According to a story by The Economic Times, Havells, which was eager to diversify beyond air conditioners (under the Lloyd brand), retreated because of valuation and decided to concentrate on its current operations. According to the news report, Reliance also left the race because of a pricing discrepancy and has subsequently paid ₹160 crore to purchase the Kelvinator brand in India.
Whirlpool India reported a consolidated net profit of ₹362.78 crore for the fiscal year 2024–25 (FY25), a significant increase of 61.7% over the ₹224.3 crore reported in FY24. The company’s consolidated revenue from operations increased from ₹6,829.79 crore in the previous fiscal year to ₹7,919.37 crore, a 15.9% year-over-year increase. Compared to FY24, when Whirlpool reported ₹6,667.35 crore in expenses, the company’s overall expenses for the year increased to ₹7,627.04 crore. In the meantime, total revenue increased by 16 percent annually to ₹8,110.16 crore from ₹6,993.59 crore the year before.
