Whirlpool of India Ltd shares jumped over 2% in early trade on Friday after the company announced that it has executed a series of key agreements with its parent group companies — aimed at driving long-term growth, innovation, and seamless operations.
The company said it has signed five major documents upon approval from its audit committee and board of directors. These include:
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A Brand License Agreement (BLA) with Whirlpool Properties Inc.
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A Technology License Agreement (TLA) with Whirlpool Corporation.
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A Services Agreement with Whirlpool Asia LLP.
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A Transitional Services Agreement (TSA) with Whirlpool Corporation.
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A Deed of Assignment of Intellectual Property (IP Assignment Deed) with Whirlpool Corporation, along with accompanying confirmatory deeds.
According to the company, these agreements have been entered into on market-based terms and are consistent with existing arrangements.
The Brand License Agreement grants Whirlpool of India long-term exclusive rights to use the ‘Whirlpool’ brand and name across current and future product segments. The Technology License Agreement provides access to Whirlpool Corporation’s advanced technical know-how and licensed IP for various categories of home appliances.
The Transitional Services Agreement ensures a smooth transition in services between Whirlpool Corporation and its Indian arm, while the Services Agreement, valid till March 31, 2029, replaces the existing annual contract. It also introduces a pre-agreed minimum service charge receivable by Whirlpool of India each year during the term.
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