| Log in
Black & Decker

Bajaj Electricals sells 50% stake in power tools venture to Black & Decker for $6.6M

20 September, 2012

Bajaj Electricals Ltd has sold its entire 50 per cent stake in Mumbai-based Bajaj Ventures Ltd for Rs 36 crore ($6.6 million) to Black and Decker India Pvt Ltd, the Indian arm of the US-based Black & Decker, according to a BSE filing. The firm sold its 15 million shares at Rs 23.96 each.

Set up in 1993, Bajaj Ventures Ltd, formerly known as Black and Decker Bajaj Pvt Ltd, manufactures and markets power tools, industrial machinery household appliances and related accessories.

Interestingly, the company was originally a JV with Black & Decker. Over a decade ago, the foreign partner had sold its stake to the Bajaj Group and exited the venture, and it is now coming back as an investor.

Baroda Industries, an investment arm of the Bajaj family, owns the remaining 50 per cent stake in Bajaj Ventures Ltd.

Incorporated in 2008, New Delhi-based Black and Decker India Pvt Ltd is a manufacturer of power and hand tools. The US parent body markets its products and services in more than 100 countries and has manufacturing sites in 10 countries. It is also a global supplier of engineered fastening and assembly systems. The Black & Decker Corporation operates in three segments including power tools and accessories, lawn and garden tools and product service.

(Edited by Sanghamitra Mandal)


Leave Your Comment
News Round UP: Rahul Bajaj buys 28.2% stake in Bajaj Hindusthan

News Round UP: Rahul Bajaj buys 28.2% stake in Bajaj Hindusthan

TEAM VCC 9 years ago
HP Eyes Stake in Satyam – Hewlett-Packard (HP) is considering the...
Rico to divest stake in auto component JV with Japanese partner FCC for $81M

Rico to divest stake in auto component JV with Japanese partner FCC for $81M

Anuradha Verma 3 years ago
Auto component manufacturer Rico Auto Industries Ltd has obtained its board...
Shishir Bajaj Group sells 8% in FMCG co Bajaj Corp to Temasek for $52M

Shishir Bajaj Group sells 8% in FMCG co Bajaj Corp to Temasek for $52M

TEAM VCC 3 years ago
Shishir Bajaj Group, which broke off from the rest of Bajaj family a few years...
No Comments

Bajaj Electricals sells 50% stake in power tools venture to Black & Decker for $6.6M

Powered by WordPress.com VIP