Private equity firm Advent to buy India's Eureka Forbes

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.

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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.