Shapoorji Pallonji Group sells majority stake in Eureka Forbes to PE major Advent for ₹4,400 cr
Live MintShapoorji Pallonji Group has sold majority stake in its consumer durables business under the Eureka Forbes label to US-based private equity fund Advent International for a sum of ₹4,400-crore. Upon demerger and listing, Advent will purchase up to 72.56 per cent of Eureka Forbes then outstanding stock on a fully diluted basis from SP Group owned Forbes & Co, and will also make an open offer for the remaining stake. “We look forward to working with Marzin Shroff and his team to guide Eureka Forbes next phase of growth and solidify its market leadership,” said Shweta Jalan, managing director, Advent India PE Advisors. In 1982, the Tatas roped in Electrolux to launch Eureka Forbes as a joint venture and in 2001 the Tatas sold their stake in Forbes & Co to the SP Group which also bought out the 40 per cent stake that Electrolux held in the JV.
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