American house home equipment main Whirlpool Corporation is planning to promote as much as 24 per cent stake in its Indian arm, Whirlpool of India Ltd, subsequent 12 months to boost funds to scale back debt degree, in keeping with a regulatory submitting.

On November 30, 2023, Whirlpool Corporation introduced its intention to enter into a number of transactions to promote as much as 24 per cent of its possession curiosity in Whirlpool of India Ltd in 2024, the corporate stated in a regulatory submitting, which was shared on BSE by Whirlpool of India.

“The company maintains a 75 per cent ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions,” it added.

Further, Whirlpool Corporation stated it expects to make use of transaction proceeds to scale back debt ranges, which is able to improve stability sheet flexibility.

“Proceeds expected to be used for debt repayment are incremental to the $500 million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023,” it added.

Whirlpool Corporation asserted that it continues to see India as a major market for development and an integral a part of its development technique and it “remains committed to expand the business with new product launches and the recently acquired Elica India business”.

Whirlpool of India is a listed entity with 25 per cent public shareholding.