Global investment heavyweights EQT and Bain Capital are emerging as the final contenders in a high-stakes bid to acquire a 31% controlling interest in Whirlpool of India, the subcontinent arm of the US-based appliance giant. This comes amidst a strategic global pivot for Whirlpool Corporation, following mounting financial pressure and a renewed focus on restructuring.
From Global Setback to Strategic Divestment
In late 2022, Whirlpool Corporation — best known for brands like Whirlpool, KitchenAid, and Maytag — reported a $1.5 billion annual loss, prompting a broad reassessment of its international operations. As part of this global realignment, the company initiated a stake sale process in its Indian operations, seeking to raise between $550 million to $600 million by offloading a significant portion of its holding while still retaining a minority 20% stake.
The 31% equity in question is currently held through Whirlpool Mauritius, and the formal sale process is being led by Goldman Sachs. Initial interest came from a variety of strategic and financial bidders — including KKR, TPG, Havells, and Reliance Industries — but the field has since narrowed to EQT and Bain, both of whom are now in the due diligence phase. Final binding bids are anticipated by August.
Why India Matters
Whirlpool of India is not just another subsidiary — it’s a key growth engine for the brand’s operations across Asia. With a current market capitalisation of approximately ₹18,116 crore, the Indian unit remains a vital asset in the company’s global portfolio.
The impending sale is expected to trigger a mandatory open offer for an additional 26% stake in accordance with Indian regulatory norms, which could see the successful bidder acquire up to 57% of the company depending on shareholder response. At prevailing market rates, a full acquisition of 57% would be valued at ₹10,354 crore — slightly ahead of initial projections.
Strategic Outlook
This transaction is more than a financial reshuffle — it underscores how global players are increasingly recalibrating their exposure in high-growth emerging markets like India. For EQT or Bain, securing a majority stake in Whirlpool of India offers not just scale, but also access to a rising middle class and a strong distribution platform in one of the world’s fastest-growing appliance markets.
As the deadline for final offers approaches, this deal could become a defining case study on how Western corporates and private equity giants navigate value creation in post-pandemic global markets — especially in sectors where consumer demand remains resilient and localisation is key.
