Bajaj Electricals Limited (the ‘Company’) has entered into a Share Purchase and Shareholders Agreement dated 15 June 2018 (‘Agreement’) with Nirlep Appliances Private Limited (‘Nirlep’) and its shareholders for the acquisition of entire shareholding of Nirlep.
Subsequent to the proposed acquisition, Nirlep will become a wholly owned subsidiary of the Company.
Nirlep Appliances Private Limited, a private limited company incorporated on 16th July 1979 under the provisions of the Companies Act, 1956 and deemed to exist within the purview of the Companies Act, 2013, having Corporate Identity Number (ClN) U27200MH1979PTC021470 and having its registered office at Plot No: B-5, MIDC Area, Railway Station Road, Aurangabad – 431 005. The Annual Turnover of the company is Rs. 47 crore.
The Company has proposed to acquire the entire shareholding (100%) of Nirlep for a consideration of Rs.42.50 crore, subject to adjustments of any additional liabilities for the period prior to acquisition.
Nirlep, launched in 1968, is the pioneer of non-stick technology in India, and is today a brand that is synonymous with non-stick cookware. Apart from being the first company to launch non-stick coated cookware, Nirlep has many firsts to its credit such as first to export professional nonstick cookware to Europe, first to manufacture induction compatible nonstick cookware in India, and first to set up a fully automatic nonstick cookware manufacturing plant in India.