Private equity firm Advent to buy India's Eureka Forbes

Forbes & Company

19/09/2021 16:42

NEW DELHI, Sept 19 (Reuters) - U.S. private equity firm
Advent International will buy a controlling stake in Indian
consumer electronics brand Eureka Forbes for 44 billion rupees
($597 million), its parent Shapoorji Pallonji Group said on
Sunday.
    Eureka Forbes, now a fully-owned unit of Forbes & Company
Ltd  FBGX.BO , is best known for its vacuum cleaners and water
purifiers found in many Indian homes.
    Under the transaction, Eureka Forbes will list on the Bombay
Stock Exchange as a standalone firm and Advent will then buy up
to 72.56% of the company's outstanding shares on a fully diluted
basis from Shapoorji Pallonji, the group said in a statement.
    The deal has yet to close and is subject to regulatory
approvals.
    The Shapoorji Pallonji Group, based in India's financial
capital of Mumbai, is a conglomerate with interests in
everything from real estate to financial services.

    ($1 = 73.6900 Indian rupees)

 (Reporting by Sankalp Phartiyal; Editing by Edmund Blair)
 ((sankalp.phartiyal@thomsonreuters.com; +91-11-49548064;))