Home Appliances manufacturer Bajaj Electricals (BEL) is looking for acquisitions in the domestic market and will invest Rs 40 crore in setting up a new CFL lights manufacturing facility in Maharashtra.
"We are looking to acquire smaller companies in the appliances segment such as individual manufacturers of small appliances such as water heater, mixers and toaster," Bajaj Electricals Executive Director R Ramakrishnan told PTI.
The company has already hired a consultant to help in the acquisition and is now in the process of negotiations for the prices.
"We have hired a consultant for the purpose and are currently working on detailing the right prices," Ramakrishnan said without giving much details.
The company is also investing Rs 40 crore in setting up a greenfield manufacturing facility at Nasik in Maharastra, with a capacity of 30 million units.
The company today announced the launch of its new 'Platina' range of home appliances, including water heaters and food processors.
It is aiming to achieve a turnover of Rs 2,000 crore by 2010.
The company had a clocked a turnover of Rs 1,400 crore last fiscal and is expecting to achieve a turnover of Rs 1,700 crore in the current fiscal.
