Mumbai: Bajaj Electricals, one of the leading consumer durables companies in India, released a statement saying that the company is all set to acquire a majority stake in the non-stick cookware company, Nirlep Appliances.
The proposal has been given by the leading consumer durables company for acquisition of entire shareholding of Nirlep for a consideration of Rs. 42.50 crore. This is as per the subject to adjustments of any additional liabilities for the period prior to acquisition. With this proposed acquisition, Nirlep will become a wholly owned subsidiary of Bajaj Electricals.
Currently, the market capitalization of Bajaj Electricals is around Rs. 5,500 crore which makes it the leading small appliances company with presence across India. The revenue of the public listed company is over Rs. 4,700 crore. Whereas, Nirlep which is considered to be a pioneer in the non-stick technology in India was launched in 1968.
The financial advisor to the transaction is Mumbai based investment bank Singhi Advisors.
With this proposed acquisition, Bajaj Electricals will reap several benefits like it will get a running business setup as well as it will also get an exclusive access to Nirlep brand along with state of art manufacturing facility, manpower, distribution network and intellectual property rights.
About Bajaj Electricals
Bajaj Electricals is globally renowned company which is in the business of consumer products (Appliances, Fans, Lighting), exports, luminaires and EPC (Illumination, Transmission Towers and Power Distribution). Bajaj Electricals has 19 branch offices spread in different parts of the country besides being supported by a chain of distributors, authorized dealers, retail outlets, exclusive showrooms called ‘Bajaj World’ and approximately 462 customer care centres. We also have a presence in the hi-end range of appliances with brands like Platini and Morphy Richards in India.
To increase our footprint globally and in India, the company has partnered up with reputed brands from across the world to give you the best of services. BEL has marketing arrangements with Teleco Automation of Italy, tie ups with CREE Lighting of USA and Securiton of Switzerland for Luminaires, Delta Controls of Canada for Integrated Building Management Systems, Gooee of USA for IOT based lighting solutions, Greystone of Canada and Magnum Energy of USA for Wired and Wireless Sensors, Disney of USA and Midea of China for Fans, and Morphy Richards of UK for Appliances.
Bajaj Electricals has also invested in Starlite Lighting for manufacture of energy saving lamps (CFL). With such a vast portfolio under our banner, we have managed to touch lives at every juncture.