Whirlpool sells 24% stake in India unit for Rs 3,881 croreThe company expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.
Last Updated IST
The administrative entrance at the Whirlpool plant in Clyde, Ohio, US.
Credit: Reuters Photo
Whirlpool said on Tuesday that it has executed a sale of 24 per cent of its stake in its India unit for about Rs 3,881 crore ($468 million).
Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75 per cent to 51 per cent.
The company expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.
The sale was first reported by Reuters on Monday. Goldman Sachs is advising the company on the deal, the report said citing a term sheet.