New Delhi: In a major corporate development, US-based private equity giant Advent International is close to acquiring a significant stake in Whirlpool India, one of India’s leading home appliance manufacturers. According to a report by The Economic Times, the deal has entered its final stage, and an official announcement could come by the end of this year.
Initially, several major players — including KKR, TPG, EQT, Bain Capital, Havells, and Reliance Industries — expressed interest in acquiring the company. However, Advent International has now emerged as the frontrunner and is reportedly in the final phase of negotiations with Whirlpool Corporation, the US-based parent company.
Advent Eyes 31% Stake, May Go Up to 57%
Sources reveal that Advent plans to acquire a 31% stake in Whirlpool India. As per Indian takeover regulations, the acquisition will trigger an open offer for an additional 26% stake from public shareholders. If fully subscribed, Advent could control up to 57% of the company’s equity, making it the new majority owner.
The deal’s estimated value stands at ₹9,682.88 crore, based on current market prices. Post-transaction, Whirlpool Corporation will retain a minority stake — less than one-fourth of the company — shifting from a majority to a passive shareholder role.
Advent’s Third Big Bet in India’s Appliance Sector
If finalized, this would mark Advent’s third major acquisition in India’s consumer appliance and electricals sector, following its earlier takeovers of Crompton Greaves Consumer Electricals and Eureka Forbes. An official involved in the deal said that final due diligence and paperwork are underway, and both companies are moving toward closure.
While Bain Capital and EQT had initially shown strong interest, they reportedly withdrew in recent weeks. Meanwhile, Advent’s renewed enthusiasm stems from favorable market conditions and strategic synergies in India’s fast-growing appliance segment. Neither Whirlpool Corporation nor Whirlpool India has responded to queries on the matter so far.
Declining Share Performance and Strategic Shift
Whirlpool India’s stock has fallen by 26% this year, closing flat on Friday at ₹1,338.95 per share on the BSE, with a market capitalization of ₹16,987.50 crore. The stock had previously peaked at ₹2,449 per share on October 22 last year.
The company’s recent financial results show its lowest revenue in seven quarters, reflecting operational challenges in the Indian market. In contrast, Whirlpool’s US operations recorded a modest 1% increase in sales in the third quarter, though profits declined due to a non-cash loss.
Whirlpool’s Strategic Refocus on Global Markets
The parent company aims to streamline costs and focus on high-margin categories — such as blenders, coffee makers, and premium kitchen appliances — in larger markets like the United States. Selling its Indian stake aligns with Whirlpool’s strategy to consolidate and strengthen profitability in its core geographies.
Whirlpool India remains among the top four refrigerator and washing machine brands in the country, competing primarily in the premium segment, where LG and Samsung currently dominate.
If the Advent deal closes as expected, it could significantly reshape India’s consumer appliance landscape — and mark another landmark entry for a global private equity major into the fast-evolving Indian home appliance industry.
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