Shapoorji Pallonji group’s direct-selling entity Eureka Forbes today said that it has entered into an agreement with Switzerland-based direct-selling consumer products company Lux International to acquire a majority stake for an undisclosed value.
In 2010, Eureka Forbes had acquired a 25% stake in Lux International.
Eureka Forbes is known for its flagship water purifier brand Aquaguard and has about 10 million customers at present.
With the acquisition, Eureka Forbes will get access to new markets in Europe, Africa and Latin America and will also be able to leverage about 15,000 sales partners globally, the company said in a statement. The deal gives the two companies access to 40 countries.
At present, the two companies together have a sales turnover of about $500 million, which it targets double by 2017, Shapoor P. Mistry, chairman, Eureka Forbes, said in a statement.
