NEW DELHI - 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, 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)
