Mumbai: Whirlpool India on Saturday announced that it was acquiring a 49 per cent stake in joint venture Elica PB India for Rs 162 crore.

Whirlpool Corporation, the holding company of Whirlpool India, holds a 12.5 per cent stake in Elica SpA, the parent company of Elica India.

In a communication to the bourses on Saturday, Whirlpool India said part of the shares proposed to be acquired by it will be from Elica SpA.

Elica India, which has been in operations since 2010, is engaged in the manufacturing and trading of kitchen equipment such as hobs, kitchen hoods, ovens and dishwashers. It posted a turnover of Rs 138 crore in the year ended March 31, 2017.

The transaction is expected to be closed in the second half of 2018.

Whirlpool India will have the right to appoint two nominees and Elica will have the right to appoint three nominees, including the chairman and the CEO of the JV.

In a press statement, Whirlpool India said the investment was in line with its strategic priority of expanding the cooking and built-in appliance portfolio.

The company added that as part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India.

"The cooking and built-in appliance space is poised for strong growth in India based on rising consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica's capabilities in consumer insights, design, and manufacturing and also broaden its distribution," said Sunil D'Souza, managing director of Whirlpool India.

According to Pralhad Bhutada, the CEO of Elica PB India, the addition of the Whirlpool products will help the company to offer two appealing appliance brands to the Indian consumers.