Bajaj Electricals Limited (BEL) which recently raised Rs. 160 crore through a QIP is eyeing acquisitions, particularly in the consumer durables and lighting segments, a top company official said.

The company, which is targeting a Rs. 2,300 crore turnover this fiscal (FY10), also plans to enter the solar-powered products business, BEL’s Chairman and Managing Director, Shekhar Bajaj, told PTI here.

“We are interested in acquisitions and we have the war-chest ready for it. We are interested in any good opportunity in the consumer durables and lighting segments,” Mr. Bajaj said.

However, the company would not move in haste and would wait for the “right deal to come up”, he said, adding “though there is no concrete proposal before us presently, we are now on the look-out for a good buy.”

According to him, likely targets would be those companies which had good brands but which were growing weaker due to financial or other constraints.

“With our expertise, we can take over such companies and grow the brands with our financial strength and distribution muscle,” Mr. Bajaj said.

BEL is cash-rich and with the Rs. 160 crore raised recently, funding a good buy would pose no problem, he said, adding a part of the QIP proceeds would be used to reduce the company’s interest costs and debt and also for expansion.

“In fact, Bajaj Electricals’ debt has now fallen below Rs. 100 crore,” Mr. Bajaj said.

The company, which clocked a net sales of Rs. 592 crore and a net profit of Rs 34.1 crore in Q3 FY 10 (up 39 per cent and 76 per cent, respectively, as compared to the year-ago period), is also charting out a road-map for a foray into the solar-powered products business.

“It is our long-term strategy to be in this business.

However, I cannot give you a time-frame for starting the business now,” Mr. Bajaj said.

Whether the company would directly get into manufacturing of solar-powered products or initially source them from a third-party remains to be decided, he said.

“Initially, we might source them but going forward as the numbers build-up, we could get into manufacturing them,” Mr. Bajaj added.

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