Elica, Italian manufacturer of kitchen hoods, and Whirlpool have recently announced the closure of an important agreement for operating together on the Indian market.
Elica will sell 33% of share capital of its Indian subsidiary Elica PB India Private to Whirlpool of India Limited, together with the other Indian minority shareholders disposing of 16%. On closing, Whirlpool of India Limited will acquire in total 49% of the Indian subsidiary of Elica S.p.A. Alongside the acquisition of the investment, Whirlpool of India Limited will sign an exclusive distribution agreement for a number of its cooking segment products with Elica PB India Private to speed up the development of its business on the Indian market, using the Elica local distribution structure which, over the last two years, has opened several mono brand stores.
«We are extremely proud – said Antonio Recinella, CEO of Elica – of the agreement signed with Whirlpool of India Limited and expect it to drive our growth on the quickly expanding Indian market. The complementary nature of our products, Elica’s production and innovative capacity and the distribution structure developed over the years are winning factors and will position us well to compete effectively in India.»
Sunil D’Souza, CEO of Whirlpool India also commented the operation, stating: «The cooking and built-in appliance category is poised for very strong growth in India, driving by rising of consumers demand. Whirlpool seeks to offer consumer the benefit of the complementary nature of its product portfolio, along with Elica capacity for design, production and distribution and consume demand insights. This joint-venture will bring outstanding product innovation to the kitchens of our consume