Bajaj Electricals has informed exchanges that Bharti promoters namely Ravindra Bharti and Arvind Bharti together with the Company, the “Parties”), written in their capacities as Promoters/Joint Promoters of Starlite Lighting Limited (“SLL”), expressing their intention to relinquish and transfer in entirety their controlling interest and management rights of SLL.
The proposed transaction is subject to negotiations between the Parties and customary regulatory, and other applicable, approvals.
SLL is a joint venture of the Company by virtue of the said SHA. SLL is engaged in the business of manufacture of different consumer electrical products including (i) lighting products like compact fluorescent lamps (CFLs) and light-emitting diode (LED); and (ii) consumer electrical appliances like water heaters, mixers, food processors, juicers, hand blenders, room heaters (oil filled radiators), fans etc.
On Sensex, Bajaj Electricals settled at Rs618 per piece up 1.24%.