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)