In a battle for control, Reliance and Havells join the race to reshape Whirlpool of India’s destiny.
Reliance Retail and Havells India are competing to acquire a controlling stake in Whirlpool of India Ltd, a substantial contributor to Whirlpool Corporation’s revenue in Asia. This move is part of Michigan-based Whirlpool Corporation’s broader global restructuring efforts.
Whirlpool Corporation aims to divest 31% of its stake in Whirlpool of India, retaining around 20% through Whirlpool Mauritius Ltd. Thus, the deal is expected to generate $550 million to $600 million, which will streamline Whirlpool’s operations and refocus on its core business areas.
The auction, which began in April 2025, has also attracted global private equity firms, including EQT and Bain Capital. Meanwhile, TPG Inc. (formerly Texas Pacific Group and TPG Capital) has initiated its due diligence process.
This sale, which involves a change in control, will invoke Indian takeover regulations. As a result, the acquirer will be required to make an open offer for an additional 26% of Whirlpool of India’s shares. However, if fully subscribed, the acquirer could control up to 57% of the company, altering its ownership structure.
This development follows Whirlpool Corporation’s earlier stake reduction in February 2024, when it sold 24.7% of its holdings for ₹403.9 million through block deals. Some notable buyers were SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, and Société Générale.
Earlier, Whirlpool had reported a $1.5 billion loss in 2022. Since then, the company has scaled back its operations in select Asian and European markets, streamlined its workforce, and redirected its focus toward smaller countertop appliances, such as coffee machines and blenders.
Although Whirlpool of India remains a strong player in the domestic market, this stake sale is expected to bring in a new phase for the company, potentially under fresh leadership.
