Home appliances maker Whirlpool of India said on Thursday its parent Whirlpool Corp intends to reduce its stake in the company to about 20% this year via market sale. Whirlpool Corp in its fourth-quarter earnings results said it expects net cash proceeds of $550 million to $600 million from the above-anticipated India transaction and sees the deal closing by mid to late 2025.

Whirlpool of India shares fell 20% to the lower circuit limit on January 30 after the company announced its parent intends to sell a 20% stake.

Microsoft-backed OpenAI's chief Sam Altman is planning to visit India next week, three sources with direct knowledge of the matter said, in what could be his first visit in two years at a time when the company faces legal challenges in the country.