Consumer durables maker Bajaj Electricals on Wednesday announced the formation of a unified lighting business by combining its consumer lighting and professional lighting businesses as part of the firm’s reorganisation plan.
The company also announced a new leadership team. Ravinder Singh Negi has been appointed as the Chief Operating Officer (COO) for its consumer products business. Rajesh Naik has been appointed as the Head of the Lighting (Illumination) business. Both executives will report to Anuj Poddar, Executive Director of Bajaj Electricals Limited.
Negi will join Bajaj Electricals in July 2022 from Havells India Limited, where he was President of the Electrical Consumer Durables segment. Prior to that, he spent nearly two decades with Bharti Airtel Limited in various roles, with his final role being CEO of the Delhi and NCR telecom circle.
Unified lighting business
The formation of a unified lighting business, which the company announced on Wednesday, will combine consumer lighting business and its professional lighting business. Naik will be taking charge of this business. He has two decades of experience in this sector.
Over the last three years, Bajaj Electricals has undertaken multiple initiatives, including the acquisition of further stakes in Nirlep Appliances Private Limited, Starlite Lighting Ltd. and the planned scheme of arrangement for the split of the entity into two independent publicly listed companies (upon a demerger of its power infrastructure business).
The press release noted that the planned split is likely to come into effect later this fiscal. Further, the company achieved a key strategic milestone of becoming net-debt-free as of March 31, 2022. “Having achieved these milestones, Bajaj Electricals is preparing for aggressive growth across its businesses in a focussed manner,” said the release.
Anuj Poddar, Executive Director at Bajaj Electricals Ltd., said, “Over the past three years, we have embarked upon a significant transformation journey at Bajaj Electricals with a clear agenda of driving growth and value creation for all stakeholders. During this period, we have consistently demonstrated our ability to deliver on the agenda with agile decisions and focused execution even amidst a tough environment. ”