Bajaj Electricals has extended its trademark agreement with UK-based electrical appliance Morphy Richards for five more years from April 25.
As per the agreement, Bajaj Electrical would continue to have right to use Morphy Richards trademark in India and neighbouring countries.
Bajaj Electricals has entered into a trademark licence agreement "to renew the exclusive licence for use of trademark 'Morphy Richards' by the company in relation to the products procured from the manufacturers and/or imported from any other country for marketing the same in India and other countries, for a further period of five years from April 25, 2017, on payment of royalty," the company said in a BSE filing.
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"With the renewal of licence, the company would be able to leverage its brand positioning in Indian market as well as SAARC countries to further consolidate and gain a considerable market share," it added.
Bajaj Electricals is using the brand Morphy Richards since April 2002, as per the licence agreement with the UK-based firm.
"The company has been procuring the products from the manufacturers and/or importing from any other country for marketing the same in India under the Licence User Agreement since April 2002 and has established the brand well in the premium segment," Bajaj Electricals said.
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