Private equity firm Advent International’s bid to buy up to USD 1 bn worth of Whirlpool’s India unit has collapsed over valuation differences, Reuters reports, citing unnamed sources. Boston-based Advent had been the frontrunner to acquire a 31% stake, triggering a mandatory open offer for another 26% under Indian rules, which would have given it a 57% controlling stake.

Seller needs cash, buyer wants discount: Appliance giant Whirlpool’s US parent has been seeking to cut its India holding from 51% to 20%, expecting USD 550-600 mn it would use to help reduce debt. Advent, however, pushed for lower pricing amid tighter product standards and intensifying competition from LG and Samsung.

Welspun unit lands Saudi contract

A unit of Mumbai-based pipe manufacturing company Welspun Corporation has signed a USD 140 mn supply contract with the Saudi Water Authority, according to a disclosure to the Saudi Stock Exchange. Welspun is the single largest shareholder of the Tadawul-listed East Pipes Integrated Company for Industry (EPIC), controlling 26.49% through its subsidiary.

Japan’s Jera inks LNG agreement with Torrent Power

Jera, Japan’s largest power producer, has signed its first long-term liquefied natural gas (LNG) export contract with India’s Torrent Power, agreeing to supply four cargoes a year for a decade starting 2027, as per a press release. Torrent will use the LNG to fuel 2.7 GW of power capacity and for downstream sales to households, small industries, and transport users.

Meeting seasonal demand: The partnership capitalizes on Japan’s lower seasonal demand, allowing Jera to redirect cargoes to India during the country’s peak summer load. Jera, a joint venture of Tokyo Electric Power and Chubu Electric Power, says it plans to continue expanding its LNG portfolio across the Middle East, Asia, and the US.

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