Home appliances maker Whirlpool of India said on Thursday its parent Whirlpool Corp intends to reduce its stake in the company to about 20% this year via market sale. Whirlpool Corp in its fourth-quarter earnings results said it expects net cash proceeds of $550 million to $600 million from the above-anticipated India transaction and sees the deal closing by mid to late 2025.

Whirlpool Corporation has announced its intention to sell down its ownership interest in Whirlpool of India Ltd to approximately 20 per cent by mid to late 2025.

Whirlpool Corp said it would more than halve its stake in its Indian unit to about 20%, sending Whirlpool of India's shares plunging an exchange-allowed maximum of 20% to a near ten-month