Bad news for Mukesh Ambani as he misses the chance to acquire Whirlpool, these companies are top contenders, names are…

The race to acquire a 31% controlling stake in Whirlpool of India has come down to just two bidders— EQT and Bain Capital — according to three senior industry executives, reported Economic Times.  Meanwhile, Reliance Industries, led by Mukesh Ambani, is withdrawing from the race to buy the Indian unit of US home appliances company Whirlpool. As per ET report, not just Reliance but private equity firms such as TPG, KKR, and Havells have formally withdrawn from the process.

That leaves two bidders to acquire the 31% stake in Whirlpool India — EQT and Bain Capital. As per media reports, both EQT and Bain are conducting due diligence on the company. The final deadline to make a bid appears to be in August.

Whirlpool’s parent company is in the process of divesting a 31% stake in its Indian unit, which is Whirlpool’s biggest market in Asia by revenue. The parent company is planning to retain a 20% stake in Whirlpool India and holds their ownership through Whirlpool Mauritius. Earlier, ET reported on June 20, that Reliance and Havells both showed interest in acquiring the stakeWhirlpool did not respond to requests for comment.

Whirlpool’s decision to divest its stake is a part of a wider global restructuring plan started in late 2022, following a reported loss of $1.5 billion. The sale process, which started in April 2025, is under the leadership of Goldman Sachs.

From such a transaction, Whirlpool expects to gain returns of $550 million to $600 million (around Rs 4,684 crore to Rs 5,110 crore). If the deal goes through, it would also trigger a mandatory open offer for an additional 26%, potentially granting the buyer ownership of up to 57% of Whirlpool India.

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