India’s home appliance industry, booming at double-digit growth, has attracted significant interest. Whirlpool Corporation is selling a 31% stake in Whirlpool of India, aiming to raise $550–600 million (₹4,700–5,110 crore) while retaining a partial stake (~20%) to ensure autonomy. This entry has opened the door to both corporate giants and global private equity (PE) firms.
🧩 Who’s in the Race?
- Reliance Retail: Tapping into its vast retail network and ambitions in consumer durables after interest in Haier India
- Havells India: A significant player in electricals and appliances, deepening its appliance portfolio after absorbing Lloyd in 2017
- PE Giants: Advent, Bain, TPG, EQT, Carlyle, KKR, and others have shown strong interest
📉 Market Reaction
Following Whirlpool Corp’s announcement in January 2025 and official Q4 updates, the stock of Whirlpool India peaked at ~₹1,577 before sliding to ₹899 in March. It later recovered to around ₹1,199, showing strong investor confidence in future growth
📊 Why It Matters
- Valuation & Control
The deal values Whirlpool of India’s growth potential while allowing the parent company to maintain influence. - Competitive Edge
For Reliance and Havells, winning this would significantly boost their footprint in India’s growing appliances market. - Sector Consolidation
Signals new consolidations and alliances as Indian manufacturing scales fast. - Growth & Autonomy
Whirlpool Corp. states the stake sale will “grant autonomy” to India operations to accelerate investment and responsiveness
⏭ What’s Next?
- Bidding intensifies: Corporate contenders and PE firms advance discussions.
- Open offer: Any acquisition above 26% triggers an open offer, signaling potential public buy-in.
- Deal closure timeline: Likely finalized in H2 2025, aligned with Whirlpool Corp’s timeline
✅ Takeaway
Reliance and Havells entering this acquisition marks a major pivot in India’s appliances landscape. As global PE firms compete alongside, this deal could reshape market dynamics, boosting domestic manufacturing while accelerating retailer–manufacturer integration.
