Omnicom Media Group will put forward one of its two agencies OMD or PHD, and that choice is expected to be backed up by Omnicom's pooled buying unit Opera.
Initiative will only be asked to pitch as part of the pitch process in central and Eastern Europe and the Balkans.
The review of the business is set to take in 18 territories across Europe, kicking off with pitches in Italy, Russia and the UK, where Aegis-owned Carat is incumbent on the £1.5m media account.
The group, which is based in Italy and operates throughout Europe, produces a range of gas and electrical household appliances. It is behind white goods brands such as Ariston, the Cannon cooker range and the Hotpoint washing machine and dishwasher brand.
The company has a 15% share in its market across Europe, sales of £2bn and employs 20,000 people across Europe. The brand became Indesit when it changed from Merloni Elettrodomestici in 2005.
A spokeswoman for the company said: "The decision to screen other proposals offered by the media market fully reflects Indesit Company's enthusiastic and innovative spirit, focused on an international vision and takes into consideration the changing social trends and different consumers needs of each country in which the group is present."
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