Desai & Diwanji has advised India conglomerate Shapoorji Pallonji on the 44 billion rupees ($597 million) sale of controlling stake in its subsidiary Eureka Forbes to U.S. private equity firm Advent International. AZB & Partners represented Lunolux.

Eureka Forbes is a consumer goods company specialising in health and safety solutions.

According to Reuters, under the transaction, Eureka Forbes will list on the Bombay Stock Exchange (BSE) as a standalone firm and Advent will then buy up majority stake of the outstanding shares on a fully diluted basis from Shapoorji Pallonji.

The AZB team was led by partner Vaidhyanadhan Iyer.

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