Having become net debt-free as on March 31, 2022, consumer durables company Bajaj Electricals said it was preparing for an ‘aggressive growth’ across its businesses in a focused manner.
The company on Wednesday announced the formation of a unified lighting business segment by merging the consumer lighting business and professional lighting business, which would be led by Rajesh Naik
Mr. Naik joined the company in December 2019 and in this period, led a turnaround of the Illumination business, the company said.
The company announced the appointment of Ravindra Singh Negi as chief operating officer (COO) of the consumer products business and Mr. Naik as the head of the lighting business. Both executives will report to Anuj Poddar, executive director.
Mr. Negi will join Bajaj Electricals in July 2022 from Havells India Ltd., where he was president of the electrical consumer durables segment.
“The reorganisation and strengthening of the company’s leadership is on the back of the ongoing and significant transformation journey,” the company said in a statement.
Over the last three years, Bajaj Electricals said, it had undertaken multiple initiatives, including the acquisition of further stakes in Nirlep Appliances Private Ltd., Starlite Lighting Ltd., and the planned scheme of arrangement for a split of the entity into two independent publicly listed companies upon a demerger of its power infrastructure business. The planned split is likely to come into effect later this fiscal, it said.
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