Mumbai: Electrical appliances maker Bajaj Electricals is exploring options to get into commercial manufacturing of solar cells and bid for distribution franchisee licenses, a top official said on Friday.
“We are exploring options, whether we can be a full-fledged utility company.”
The Mumbai-based firm has plans to enter into the renewable energy space and is considering proposals to get into solar cell manufacturing, Bajaj added.
“The manufacturing gives you an advantage in this industry which is in the nascent stages of development in India,” he said.
When asked about bidding for the distribution franchisee licenses, Bajaj said the company is considering the idea but is yet to make a final decision.
The firm’s project division has a pending order book of Rs8,350 crore and expects to get another Rs200 crore worth of orders in the current fiscal year, he said.
“We are frontrunners in Rs200 crore worth of orders and we are expecting to get them in FY10.”
Earlier in the day, Bajaj Electricals reported a 39% increase in its Dec quarter net sales at Rs5,920 crore, while its quarterly net profit rose by 76% to Rs34,09 crore.
“This is an effect of having a good control on raw materials and also our successful QIP (qualified institutional placement) that reduced our debt and interest payment,” Bajaj said, when asked about reasons for solid bottomline growth.