Bajaj Electricals clocks a profit of Rs 38.53 crore

Mumbai, May 29 (UNI) Bajaj Electricals Limited (BEL) part of the flagship 3 billion dollar ''Bajaj Group'', posted a net profit of Rs 38.53 crore for the financial year 2006-07.

The directors of the company have recommended an interim dividend of 80 per cent for its shareholders.

BEL has five major strategic business units comprising of home appliances, fans, lighting, luminaires and engineering and projects.

The company has acquired 32 per cent shareholding of Starlite Lighting Ltd, for a consideration of Rs.7.50 crore. The company will also invest Rs 30 crore towards galvanising industry in the current fiscal.

Speaking after the board meeting held here today, Shekhar Bajaj, Chairman and MD told UNI, '' We have invested and acquired a 32 per cent stake in Starlite lighting and this will act as a strong pivot for our ambitious growth plan in CFL's''.

The company is planning to enter the new categories like inverters and gas applliances segment. BEL has also tied up a lighting control company Helware based in Denmark and leading gas appliances company NARDI in Italy.

'' Gas appliances segment is the booming sector and in near future the sector will see high growth and we are preparing ourselves to tap the market.'', added Mr.Bajaj.

He also informed that the rural electrification of 900 villages project which was undertaken in the last fiscal in association with government of India will be completed by the end of April 2008. The company has also bagged order worth Rs 53 crore to electrify 40,000 below poverty line families in Chhattisgarh.

UNI