Eureka Forbes rose 12% to Rs 420 per share in Tuesday’s trading session when the company’s board of directors, at its meeting on Monday, approved the appointment of Pratik Pota as MD and CEO for a five-year term effective August 16.

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

In September last year, Advent International announced a Rs 4,400 crore deal with Shapoorji Pallonji Group to acquire a majority stake in Eureka Forbes, known for products such as vacuum cleaners and water purifiers.

Sahil Dalal, MD of Advent, said: “Pratik’s extensive experience makes him the ideal entrepreneur to transform Eureka Forbes into a leading technology-driven, consumer-focused products and services organisation.”

Pratik is a seasoned business leader with solid business acumen with a proven track record of driving business transformation and growth in India-led as well as multinational organisations across multiple businesses, including FMCG, Telecom, and QSR, excellent track record. He added that the industrial sector has a proven track record of successfully creating value.

Before joining JFL, Pota held leadership positions at PepsiCo, Airtel and Hindustan Unilever Ltd, with a career spanning more than 30 years, the statement said.

Headquartered in Mumbai, India, Eureka Forbes Ltd is an Indian multinational consumer goods company. In 2021, Advent acquired a controlling stake in Eureka Forbes from Shapoorji Pallonji Group for Rs 4,400 crore. The stock has surged more than 35% in a month but is down about 12% in 2022 (year-to-date).

A former part of the Shapurji Palonji Group and now an Advent International portfolio company, Eureka Forbes’ product portfolio includes water purification, vacuum cleaning, air purification and home safety solutions. It has an installed base of over 20 million subscribers and access to more than 1,500 cities and towns in India.