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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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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Other Wallenberg-controlled companies with option schemes in the works include Electrolux, SKF Group and Stora.

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