Mumbai-based electrical appliances maker Bajaj Electricals Ltd is looking to acquire the manufacturing business of Shikohabad-based Hind Lamps Ltd, according to a stock market disclosure. Financial terms of the deal, however, have not been disclosed by the company.
The board of directors of the company would meet on November 23 to consider the proposal.
Incorporated in 1951, Hind Lamps manufactures glass bulbs, HID bulbs and aluminium caps. It has a manufacturing unit at Shikohabad, Uttar Pradesh and an HID (high-intensity discharge) lamps manufacturing unit at Parwanoo, Himachal Pradesh.
Hind Lamps has been declared a sick industrial company by the Board of Industrial and Financial Reconstruction (BIFR), the disclosure showed.
Bajaj Electricals, controlled by Shekhar Bajaj, has five business units—fans, lighting, luminaries, appliances and engineering & projects.
It counts Ontario Pension Board Mondrian Investment Partners Ltd, Mondrian Emerging Markets Small Cap Equity Fund LP and Swiss Finance Corporation (Mauritius) Ltd, among others, as institutional investors.
On Friday, shares of the company closed at Rs 228.95, up 0.73 per cent on the BSE in a flat Mumbai market.