Bajaj Electricals to take inorganic route to EU

Bajaj Electricals, which recently acquired 32 per cent stake in Nashik-based Starlight Lighting, is on the lookout for an acquisition overseas.

The company, which has targeted the European Union market, is in talks with European firms for the acquisition. The company is also planning to increase its stake in Starlight.

Shekhar Bajaj, CMD, Bajaj Electricals, confirmed that the company was looking at buys in the verticals they operate in currently (appliances to lighting), but had not struck any deals for now.

He also said that no funds had been earmarked for the likely acquisition. But when the deal is finalised, it would enable the company to compete in a market dominated by products from China and the rapidly growing brands from Vietnam.

"Through an acquisition we will be able to cater to the countries in the EU for our range of lamps and lead-free substances," said Bajaj.

The company currently exports to Oman, Qatar, Saudi Arabia, Bahrain, Yemen, Jordan, South Africa, Zambia, Kenya, Uganda, Bangladesh and Sri Lanka, among others.

The products exported include fans, luminaries and GLS lamps. It now plans to tap the Latin American and European markets.