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Shares of Eureka Forbes rallied more than 12% to 420 apiece on the BSE in Tuesday's trading session after the board of directors of the company, in their meeting held on Monday, approved the appointment of Pratik Pota as managing director (MD) and chief executive officer (CEO) of the company, for a term of five years with effect from 16 August.

Pota, the former CEO at Jubilant Foodworks Ltd (JFL), will join Eureka Forbes on August 16 and lead its management team, Advent International said in a regulatory filing by Eureka Forbes.

Last year in September, Advent International announced a 4,400 crore deal with the Shapoorji Pallonji Group to acquire a majority stake in Eureka Forbes, known for its vacuum cleaners and water purifiers, among others.

"Pratik's depth of experience makes him an ideal entrepreneurial leader to transform Eureka Forbes into the leading technology driven consumer centric organisation across products and services," Advent Managing Director Sahil Dalal said.

A seasoned business leader, with a strong commercial acumen, Pratik brings a proven track record of success in driving business transformation and growth across Indian-led as well as multinational organisations and has delivered value successfully across diverse industry sectors such as FMCG, telecom and QSR, he added.

Prior to JFL, Pota held leadership roles in PepsiCo, Airtel and Hindustan Unilever Ltd in a career spanning more than 30 years, the statement said. 

Based in Mumbai, India, Eureka Forbes Ltd, is an Indian multinational consumer goods company. In 2021 Advent bought a controlling stake in Eureka Forbes for 4,400 crore from the Shapoorji Pallonji Group. The stock has surged over 35% in a month, however, is down about 12% in 2022 (YTD) so far.

A former part of the Shapoorji Pallonji Group and now an Advent International portfolio company, Eureka Forbes' product portfolio encompasses water purification, vacuum cleaning, air purification and home security solutions. It has an installed base of over 20 million customers and a reach of over 1,500 cities and towns in India.

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