Reliance Retail and Havells India have entered the fray, joining a competitive private equity lineup to acquire a controlling stake in Whirlpool of India. They will contend not only with global PE firms like Advent, Bain Capital, TPG, EQT, Carlyle, and KKR, but also with domestic rivals, all vying for the chance to shape the future of India’s legacy appliance brand. With Whirlpool Corp aiming to trim its holding in its Indian arm to roughly 20% by mid‑to‑late 2025—via a sale of approximately a 31% stake valued at around US $550–600 million—the move highlights strong domestic interest in bolstering the consumer appliance space. . The entry of Reliance and Havells, both established players in India’s consumer and retail ecosystem, underscores a strategic shift: major homegrown corporations are increasingly willing to make large-scale plays alongside global investors.

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