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Bajaj Electricals appoints Ravindra Singh Negi as Chief Operating Officer; stock zooms ~2%

The ongoing and significant transformation journey has resulted in the reorganization and strengthening of the Company's leadership.

June 30, 2022 10:21 IST | India Infoline News Service
Bajaj Electricals Limited, India's leading consumer durables company, has appointed Ravindra Singh Negi as Chief Operating Officer (COO) of its Consumer Products Business and Rajesh Naik as Head of the Lighting Business. Anuj Poddar, Executive Director of Bajaj Electricals Limited, will report to both executives.

Negi will join Bajaj Electricals in July 2022, having previously served as President of the Electrical Consumer Durables segment at Havells India Limited. Prior to that, he spent nearly two decades in various roles at Bharti Airtel Limited, the last of which was CEO of the Delhi and NCR telecom circle.

Furthermore, the Company announced the formation of a unified Lighting Business segment by combining its Consumer Lighting Business and Professional Lighting Business, which will be led by Rajesh Naik. Naik joined Bajaj Electricals in December 2019 and has since led a turnaround of the Lighting Business, propelling it to the industry's leadership position. Naik has worked in the industry for over two decades.

The ongoing and significant transformation journey has resulted in the reorganization and strengthening of the Company's leadership.

Over the last three years, Bajaj Electricals has undertaken a number of initiatives, including the acquisition of additional stakes in Nirlep Appliances Private Limited and Starlite Lighting Limited, as well as the planned scheme of arrangement for the entity to be split into two independent publicly traded companies (following the demerger of its power infrastructure business).

The planned split is expected to take effect later this fiscal year. Furthermore, the company reached a key strategic milestone by becoming debt-free on March 31, 2022. After reaching these milestones, Bajaj Electricals is preparing for focused aggressive growth across its businesses.

At around 10.25 AM, Bajaj Electricals was trading at Rs978.60 up by Rs20.1 or 2.1% from its previous closing of Rs958.50 on the BSE. The scrip opened at Rs977 and has touched intraday high and low of Rs988.95 and Rs966.50 respectively.

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