Whirlpool of India Limited (Whirlpool) and PG Electroplast Limited (PGEL) have announced the signing of a definitive agreement, for contract manufacturing of select models of Whirlpool branded semi-automatic washing machines.
Under the arrangement, PGEL will manufacture some of the SKUs for Whirlpool at its factory at Roorkee. PGEL is already an existing supplier of Whirlpool branded air conditioners and both companies will continue to evaluate the potential expansion opportunities.
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Narasimhan Eswar, Managing Director of Whirlpool of India Limited, said, “We are excited to announce that Whirlpool has tied up with PG Electroplast to manufacture certain SKUs of its semi-automatic washing machines. With Whirlpool’s exceptional designs and technology and PGEL’s manufacturing expertise, today’s announcement reaffirms our commitment to the Government’s ‘Make in India’ initiative and providing best in class products to our consumers at an affordable price point.”
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Vikas Gupta, Managing Director (Operations), PG Electroplast Limited, said, “We are pleased to deepen our relationship with Whirlpool. As a leading home appliance manufacturer in India, Whirlpool is renowned for their industry-leading products. With this association we aim to unlock new opportunities for growth and help Whirlpool deliver exceptional value to its customers while setting new benchmarks in efficiency.”
Earlier in October, PG Electroplast’s Board of Directors had approved raising up to Rs 1,500 crore through Qualified Institutions Placement (QIP). The Rs 1,500 crore QIP issuance aligns with SEBI regulations and the Companies Act and is subject to receiving the necessary regulatory approvals. Earlier in August, PG Electroplast announced plans to raise Rs 500 crore through a QIP to fund capital expenditure and working capital needs.
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