Shares of Whirlpool of India Limited rose by 2.25% to ₹1,892.95 as of 9:27 am on December 24, reflecting investor optimism following the announcement of a strategic agreement with PG Electroplast Limited (PGEL). This partnership will involve contract manufacturing of select Whirlpool-branded semi-automatic washing machines at PGEL’s Roorkee facility, further extending their existing relationship, under which PGEL also supplies air conditioners to Whirlpool.
Key details of the partnership:
- Local Manufacturing Boost: This initiative aligns with the government’s ‘Make in India’ drive, emphasizing local production and affordability.
- Scope for Future Growth: The companies are exploring deeper collaboration opportunities to strengthen their relationship further.
Management’s perspective:
- Narasimhan Eswar, MD of Whirlpool India, highlighted the integration of Whirlpool’s cutting-edge design with PGEL’s robust manufacturing capabilities to offer affordable and high-quality appliances.
- Vikas Gupta, MD (Operations) of PG Electroplast, expressed enthusiasm for the partnership, aiming to deliver exceptional value to Indian consumers.
Stock Performance:
- 1-day performance: Shares gained 2.25%, trading at ₹1,892.95.
- 1-month performance: The stock has risen by 9.58%.
- Year-to-date gain: 37.84%.
About the companies:
- Whirlpool of India: A leading home appliance manufacturer with operations in Faridabad, Puducherry, and Pune.
- PG Electroplast: A key EMS and contract manufacturing player specializing in plastic injection molding and OEM/ODM solutions.
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