Mumbai, May 15: Eureka Forbes, part of Shapoorji Pallonji Group, today said it would further increase its stake in Switzerland-based direct selling company Lux International to extend its global footprint.

“We share a close partnership with Lux International and have similar values and a long relationship over many years.

“Both companies should enjoy significant synergies from this proposed transaction, resulting in the realisation of the ambitious goals we have set to increase our combined gross sales turnover from $500 million to over $1 billion by 2017,” Eureka Forbes chairman Shapoor P. Mistry said in a release issued here.

The firm, however, did not share the shareholding details.

In 2007, Eureka Forbes and Lux International had entered in to a 50:50 joint venture to form Forbes Lux for global operations. Later in 2010, Lux International had sold a 25 per cent stake to Eureka Forbes.

Lux International chairman Reinhard von der Becke said, “Joining forces with Eureka Forbes was a carefully considered decision. Having worked together for close to a decade, it is a tried, tested and trusted relationship. So, we are very positive and full of expectation for the future.”