Consumer durables and lighting major, Bajaj Electricals Ltd, is planning to take a controlling stake in the Nashik-based Starlite Lighting Ltd, in which it has 32 per cent stake presently. The company is also planning to foray into marketing solar powered products.

“We propose to raise our holding in Starlite, which manufactures T3 compact fluorescent lamps (CFL) with technology from GE (General Electric) Hungary for a controlling stake and scale up production for exports and meeting the growing demand in the domestic market,” Shekhar Bajaj, chairman and managing director, Bajaj Electricals told reporters, here on Monday.

BSE  |  NSE Price

Also Read   Related Stories News Now - Bajaj Electricals to be Rs 5,000-cr entity in 4 yrs - Bajaj Electricals Q3 net jumps 75% to Rs 34 cr - Bajaj Electricals raises Rs 161 cr via QIP - Bajaj Electricals up 5.5% - Bajaj Electricals to raise Rs 175 cr - Bajaj Electricals to raise Rs 135cr via QIP

Also Read   Related Stories News Now - Markets end flat, weakening rupee weighs - UK regulator decision to fine NRI financial advisers upheld - 30 striking AI pilots sacked, two return to work - Speciality Restaurants sets IPO price at Rs 150 per share - Shriram EPC bags Rs 165 cr contract in Kerala More

The company is also scouting for acquisitions and looking at diversifying into areas where it finds synergy.

“We are looking for diversification and acquisitions that will fit our strategic business. We have earmarked about Rs 100 crore out of Rs 160 crore we raised recently through a QIP issue (qualified institutional placement),” said Bajaj.

For its foray into marketing solar-powered products, the company is planning to source them from a third-party vendor. The products include solar panels for street lighting and solar lanterns for villages.

“We don’t intend to manufacture solar cells but source associated products like solar panels and lanterns from third party as an alternative to our lighting and luminaries products. We are looking at the semi-urban and rural markets where we are doing some rural electrification projects,” Bajaj said.

The company has set a sales target of Rs 2,200 crore this fiscal (2009-10). “The margins in the January-March quarter of this fiscal will be under pressure due to an increase in input costs following the overall escalation in the cost of metals during the last five months. Our sales, however, were not impacted by the slowdown in the economy,” said Bajaj.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end flat, weakening rupee weighs - UK regulator decision to fine NRI financial advisers upheld - 30 striking AI pilots sacked, two return to work - Speciality Restaurants sets IPO price at Rs 150 per share - Shriram EPC bags Rs 165 cr contract in Kerala

Tags : Bajaj Electricals | Starlite Lighting | CFL | GE | Shekhar Bajaj |   Read Business news in  Advertisements -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Journey on, We are by Your Side. Click here to know more -   -  2 Lac Apartments, 1 Lac House / Plots. Click here -  The Best Seller is Also the No. 1 in Mileage. Click here -  One Partnership Endless Possibilities. Click here to know more -  A Brand New Server at a Price That Fits Your Budget. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  Leader in Passenger Car & Automobile Tyres. Click here -  Watch The Film Here. Click here to know more.. -  1 billion in saving for Unilever without any tangles. -  Learn How One City is Running on FOOD SCRAPS. -  Helping doctors detect diseases earlier, saving costs & extending lives. -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More