Shekhar Bajaj, Chairman & Managing Director of Bajaj Electricals Ltd., started his career with Bajaj Sevashram after which he worked at Bajaj International, the group's export company. Mr. Shekhar Bajaj joined Bajaj Electricals in 1980, became the Managing Director in 1987 and took over as the Chairman and Managing Director in 1994.
Mr. Bajaj is the Chairman of Bajaj Group companies Bajaj International and Hercules Hoist Pvt. Ltd. and on the Board of Directors of Bajaj Auto and IDBI Bank. He was past President of ASSOCHAM, Indian Merchants Chamber (IMC) and Council for Fair Business Practices (CFBP).
Brief History of Bajaj Electricals
Our Company was incorporated as Radio Lamp Works Limited under the Indian Companies Act, 1913 as a public company limited by shares, pursuant to a certificate of incorporation dated July 14, 1938. Subsequently the name of our Company was changed to Bajaj Electricals Limited, pursuant to a fresh certificate of incorporation dated October 1, 1960.
In 1964, Matchwell Electricals (India) Limited, ("Matchwell"), a manufacturer of electric fans became a subsidiary of our Company and subsequently, with effect from July 1, 1984, the business and undertaking of Matchwell was amalgamated with our Company.
In the financial year 1993-1994, our Company entered into a joint venture with Black & Decker Corporation, United States, for the manufacture and marketing of power tools, household appliances, and related accessories, through a separate company named Black & Decker Bajaj Private Limited, ("Black & Decker Bajaj"). During the financial year 1999-2000 Black & Decker Bajaj became a 100% subsidiary of our Company upon our Company acquiring a further 50% of the shareholding thereof from Black & Decker Corporation, pursuant to which Black & Decker Bajaj was renamed as Bajaj Ventures Limited. However, in the financial year 2002-2003, our Company divested 50% of its shareholding in Bajaj Ventures Limited and Bajaj Ventures Limited ceased to be a subsidiary of our Company.
In January 1998, our Company established a new manufacturing unit at Chakan near Pune and commenced operations of manufacturing of fans and die-cast components. The production of fans at our manufacturing activities of the Matchwell unit also was gradually shifted to our Chakan unit.
In September 1999, our Company established and commissioned a wind energy generation unit with an installed capacity of 2.8 mega watts at Village Vankusawade, Tal. Patan, District Satara, Maharashtra. The facility continues to run profitably till date.
In the year 2000-2001 our Company set-up our manufacturing facilities including a fabrication unit and a galvanizing plant at Ranjangaon, near Pune for the manufacture of high masts, lattice towers, and related products, and the said manufacturing facilities commenced commercial production with effect from April 1, 2001.
In November 2002, our Company entered into a technical collaboration and brand licensing agreement with Morphy Richards, United Kingdom, for the sales and marketing of electrical appliances under the brand name of "Morphy Richards" in India.
In the financial year 2002-2003 our Company discontinued manufacturing die-cast components.
In the year 2005 our company entered into a Distribution agreement with Trilux Lenze of Germany for high end technical lighting.
In the year 2007, we acquired 32% of the share capital of Starlite Lighting Limited, a company engaged in the manufacture of Compact Fluorescent Lamps ("CFLs").
In 2012-2013, we have completely divested our stake and association with Black & Decker Corporation, USA.