Water purifier and vacuum cleaner firm Eureka Forbes has hit an agreement with Lux International to acquire a majority stake in the Switzerland-based multinational company.

Eureka Forbes, a division of the Shapoorji Pallionji group, however, didn't disclose the financial details of the deal.

The water purifier and vacuum cleaner firm already hold a 25 per cent stake in Lux International, which it had acquired in the year 2010.

Shapoor P Mistry, chairman of Eureka Forbes, said that the deal would provide both companies with significant synergies. He added that the deal would help Eureka in achieving its aim of becoming a billion dollar company by helping it stretching its global footprint.

Announcing the deal, Mistry said, "Both companies should enjoy significant synergies from this proposed transaction, resulting in the realisation of the ambitious goals that we have set to increase our combined gross sales turnover from the current $ 500 million to over $1 billion by 2017."

It may be noted here that Shapoor P Mistry is the elder brother of Cyrus P Mistry, the chairman of salt-to-software business Tata group.

Apart from providing greater access to Europen, South American and Latin American markets; the deal will also add to the company's product portfolio and sales force of more than 15,000 people.

Eureka Forbes has long been making efforts to hike its share in the organized water purifier segment. Currently, it has nearly 50 per cent stake in the organized water purifier segment.