The competition is organized annually by the Electrolux Group and aims to encourage students from around the world to design household appliances for the future.
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Other Wallenberg-controlled companies with option schemes in the works include Electrolux, SKF Group and Stora.
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The two left in 1989 to buy a failing Electrolux subsidiary Gentinge Group, a medical products company that was losing money.
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In 2001Tata Group sold its share of the company to the Shapoorji Pallonji Group, and in January Electrolux did the same.
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It was a joint venture between Electrolux of Sweden and Forbes Gokak, in which India's giant Tata Group had a stake.
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