Bajaj Electricals eyes acquisition abroad

Bajaj Electricals eyes acquisition abroad
PTI
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First Published: Fri, Feb 16 2007. 04 17 PM IST
Updated: Fri, Feb 16 2007. 04 17 PM IST
Kolkata:Bajaj Electricals Ltd, part of the Rs 13,500-crore Bajaj group, on Friday said it was in an advanced stage of acquisition of an electrical company abroad and would pump in Rs 30 crore in capex for capacity expansion.
“We will finalise the acquisition in the next one and half months. I cannot reveal the details, but the deal size could be up to Rs 100 crore,” Bajaj Electricals Chairman and Managing Director Shekhar Bajaj told reporters here on Friday.
“We are looking at companies in our existing product line that are strong in manufacturing, but weak in financials, he added.
Bajaj produces electrical goods ranging from fans to lighting to geysers.
He said the company would pump in Rs 30 crore during 2007-08 in enhancing highmast lighting and galvanising capacity from 30,000 to 50,000 tonne.
With both organic and inorganic growth strategy the company aimed to achieve Rs 2,000 crore turnover mark by 2010.
The target for the current fiscal ending March 2007 was Rs 1050 crore against Rs 845 crore in 2005-06.
The company was growing at the rate of 26%. The eastern region was growing at 32%, Bajaj said.
“We are also looking at the export market more seriously. Currently our exports are just two per cent of the total revenue. We are targeting to ramp it to 10 per cent by 2010,” he said.
Bajaj’s export would be more as OEM supplier to global electrical companies in South Africa, Europe, Sri Lanka and Middle East. The Latin American market was also under the scanner, Bajaj said.
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First Published: Fri, Feb 16 2007. 04 17 PM IST
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