Advent International Corporation has emerged as the frontrunner to acquire Eureka Forbes Limited, the consumer durables flagship of the diversified Shapoorji Pallonji And Company Private Limited (SP Group), for INR 45 billion – INR 50 billion, said people aware of the development. Both sides have entered into “deal exclusivity” for bilateral negotiations before a formal announcement is made in the coming weeks. Advent trumped Warburg Pincus LLC and AB Electrolux (publ) (OM:ELUX B), in the last lap of the competitive process, said the people cited above.

Nomura is advising Advent. Advent and SP Group declined to comment. Currently housed within Forbes & Company Limited (BSE:502865) as a subsidiary, the loss-making Eureka Forbes business will get demerged from its parent as part of an ongoing internal restructuring exercise.