Whirlpool Corporation (NYSE:WHR) announced that it will sell up to 24% of its ownership interest in Whirlpool of India Limited (BSE:500238) in 2024 in an effort to reduce debt levels. The company did not disclose a deal value and does not expect the sale to impact its previously issued full-year forecast, Whirlpool said in a filing. Whirlpool of India reported a 23.7% drop in second-quarter profit earlier this month, as the home appliances maker grappled with weak demand amid stiff competition.

Whirlpool currently maintains a 75% ownership interest in the Indian company through a wholly-owned unit, and will retain a majority interest after the sale.