The Shapoorji Pallonji (SP) Group has restarted the sale process of home hygiene products maker Eureka Forbes Ltd, two people aware of the development said. “Eureka Forbes is one of the best-known consumer brands in India, and the SP Group was evaluating other structures to monetize the asset without divesting ownership," said one of the two people cited above. “As part of this, they were engaged with a large Canadian fund to raise debt by pledging the cash flows of Eureka Forbes as collateral," this person added. A subsidiary of SP Group company Forbes and Co. Ltd, Eureka Forbes has an annual sales of close to ₹3,000 crore. In October, Shapoorji Pallonji group offered to swap its stake in Tata Sons for shares in publicly traded Tata group firms, which if accepted by Tata group, could end the running feud.

Source: Mint November 20, 2020 00:11 UTC