Whirlpool of India Limited ("Whirlpool") and PG Electroplast Limited ("PGEL") have signed 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.
Commenting on the agreement, Mr. 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."
Mr. Vikas Gupta, Managing Director (Operations) of 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."
Shares of Whirlpool of India Limited was last trading in BSE at Rs. 1850.10 as compared to the previous close of Rs. 1939.10. The total number of shares traded during the day was 2876 in over 595 trades.
The stock hit an intraday high of Rs. 1938.60 and intraday low of 1837.90. The net turnover during the day was Rs. 5382502.00. |
