(Reuters) -Home appliances maker Whirlpool of India said on Thursday its parent Whirlpool Corp intends to reduce its stake in the company to about 20% this year via market sale.
Whirlpool Corp in its fourth-quarter earnings results said it expects net cash proceeds of $550 million to $600 million from the above-anticipated India transaction and sees the deal closing by mid to late 2025.
“In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet,” Whirlpool Corp said.
The parent company currently has a 51% stake in its India unit.
Last year, Whirlpool Corp sold a 24% stake in the Indian unit for about $468 million in a bid to reduce debt.
Whirlpool of India shares rose 34.6% in 2024, snapping three straight years of fall.
(Reporting by Ashish Chandra in Bengaluru; Editing by Subhranshu Sahu)
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