Eureka Forbes

Eureka Forbes
TypePublic
BSE: 543482
NSE: EUREKAFORB
IndustryHome appliances
Founded1982 (1982)
HeadquartersMumbai, Maharashtra, India
Key people
Pratik Pota
(MD & CEO)
Products
Brands
Parent
Websiteeurekaforbes.com

Eureka Forbes Limited is an Indian home appliances company based in Mumbai. It makes water purification devices, vacuum cleaners, air purification systems, and home security products.[2]Multiple consumers have filed complaints and legal notices against Eureka Forbes in consumer forums regarding online Annual Maintenance Contract (AMC) purchases where technicians fail to visit, services are unfulfilled, and refunds for unactivated plans are unfairly denied.

History

Eureka Forbes was founded on 15th February 1982 as a 60:40 joint venture between Tata Group's Forbes & Company and Swedish manufacturer Electrolux. In 2001, Tata Group sold Forbes & Company to Shapoorji Pallonji Group and, four years later, Electrolux sold its 40% stake in Eureka Forbes to Forbes & Company.[3]

In 2010, Eureka Forbes acquired a 25% stake in Swiss consumer products company Lux International. In 2013, Eureka Forbes increased its stake to become the controlling shareholder in Lux International.[4]

In 2022, Advent International bought out Shapoorji Pallonji Group's entire stake in Eureka Forbes, after Eureka Forbes was separated from Forbes & Company and listed on the BSE.[5][6]

References

  1. ↑ "Eureka Forbes undergoes rebranding exercise". The Hindu. 21 December 2020. Retrieved 17 February 2023.
  2. ↑ "SP Group looks at listing or stake-sale of Eureka Forbes". The Times of India. 20 November 2019. Retrieved 17 February 2023.
  3. ↑ Coster, Helen. "Every Salesman a King". Forbes. Retrieved 17 February 2023.
  4. ↑ Mitra, Sounak (15 May 2013). "Eureka Forbes to acquire majority stake in Lux International". Business Standard India. Retrieved 17 February 2023.
  5. ↑ "Shapoorji Pallonji and Co exits from Eureka Forbes". The Economic Times. 14 July 2022. Retrieved 17 February 2023.
  6. ↑ "PE major Advent International buys majority stake in Eureka Forbes". Business Standard. Retrieved 1 October 2021.
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