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Whirlpool India enters strategic JV with Elica to expand cooking business
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Thursday, 07 June, 2018, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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Whirlpool India’s board has approved a proposal to enter a strategic joint venture (JV) with Elica and acquire 49 per cent in Elica PB India Pvt Ltd. This is in line with the former’s strategic priority to expand the cooking and built-in appliance portfolio.
As a part of the JV, 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, Whirlpool India, said, “The cooking and built-in appliance space is poised for very strong growth in India based on the 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,” he added.
D’Souza said, “This association will bring outstanding product innovation and provide more options to the kitchens of our consumers.”
Speaking about the JV, Pralhad Bhutada, chief executive officer, 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’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,” he added.
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