Whirlpool Corp is reportedly considering selling a 31% stake in its Indian subsidiary, Whirlpool of India Ltd, a move that has attracted considerable interest from private equity giants. Firms like Advent International, Bain Capital, and TPG are among those evaluating a potential investment. The sale aims to raise between $550 million and $600 million, with Whirlpool Corp. planning to retain a 20% stake in the Indian unit and grant it increased autonomy.
The formal stake sale process was initiated earlier in April 2025 by Whirlpool's advisor, Goldman Sachs. Several other private equity funds, including EQT, Carlyle, and KKR, have also been approached regarding the potential acquisition. Many of these funds have already begun engaging industry advisors to assess the opportunity. Some PE funds that are also in the race for a stake in Haier India will also keenly evaluate the Whirlpool option.
Whirlpool of India is a significant contributor to its parent company's Asian revenue, accounting for approximately 85%. In light of rising consumer demand and expanding middle-class spending in India, the business is considered a strategic asset.
Sources suggest that the deal could potentially involve two funds jointly acquiring the stake, as Whirlpool Corp. has expressed its desire to remain the largest shareholder in its Indian arm. Any entity acquiring a stake of 26% or more would trigger an open offer.
In February 2024, Whirlpool sold a 24.7% share in its Indian unit to institutional investors, including Aditya Birla Sunlife Mutual Fund, SBI Mutual Fund, and Societe Generale, for ₹4,039 crore.
Despite being one of the first multinational electronics companies to enter India in the late 1980s, Whirlpool has faced challenges in keeping pace with the expansion of competitors like Samsung, LG, and Haier, as well as domestic brands such as Voltas and Lloyd.
In FY24, Whirlpool of India reported sales of ₹6,332 crore and a net profit of ₹167 crore. For the nine months ending December 2024, the company's revenue from operations increased by 17% year-on-year to ₹5,530 crore. In comparison, LG India posted FY24 sales of ₹21,557 crore and a net profit of ₹1,511 crore, while Voltas reported sales of ₹8,687 crore and a net profit of ₹604 crore during the same period. During the March quarter, Asia accounted for 7.4% of Whirlpool Corp.'s global sales of $3.6 billion and 9% of its global EBIT of $214 million.
The transaction highlights the continued interest among global private equity firms in high-quality consumer assets in India, particularly in sectors that are expected to benefit from rapid urbanization and premiumization trends. Several private equity firms have a history of successful investments in the Indian consumer appliance industry. Advent International and Temasek, for instance, previously took control of CG Consumer and exited profitably through the public markets. They also remain the controlling shareholders of Eureka Forbes, which was acquired from the SP Group.
Following reports of the potential stake sale, shares of Whirlpool of India Ltd rose by as much as 10%.
