Bajaj Electricals Seeking Takeovers

Kolkata: Bajaj Electricals, part of the Rs 13,500 crore Bajaj group, is in advanced stage of talks to take over a western India-based electrical company. The acquisition is hoped to be completed in the next one-and-a-half months. Bajaj Electricals is looking at companies that are strong in manufacturing and has a good product line, but are weak in financials. Bajaj Electricals will buy around 51% stake in the company and infuse money to rejuvenate the company. The acquisition will be funded mostly via internal accruals. During 2007-08, the company will be investing Rs 30 crore for enhancing highmast lighting and galvanising capacity from 30,000 to 50,000 tonne at Ranjangaon near Pune in Maharashtra. The higher capacity of the high mast plant will help in total substitution of imports from the UK and West Asia till now.