Shapoorji Pallonji Group is parting with it's 'family jewel' in the consumer pack as it sells Eureka Forbes to PE group Advent for Rs 4,400 cr.
Eureka Forbes a loss-making business, is a subsidiary of listed Forbes & Co. As per the agreement it will be demerged from the company and will be listed separately.
The Tata's were the original owners of the Forbes firm which the the Pallonji family had bough almost two decades ago. With over 20 million customers Eureka Forbes is among the largest vacuum cleaner and water purifier brands in India.
The deal will help Shapoorji group pare its Rs 20,000 crore out of which nearly Rs 11,000 cr is under Covid-19 relief program provided by the RBI.
The Shapoorji Pallonji Group currently has Rs 10,900 crore as debt.