Bajaj Electricals announced to acquire Nirlep Appliances

Tinuku - Bajaj Electricals announced to acquire the proposed Nirlep Appliances will provide a product portfolio that complements the offer and is a perfect synergistic blend. Agreement to fully acquire Nirlep Appliances cookware for Rs42.50 crore and thereafter be a full subsidiary.

"The Company has proposed to acquire 100% of Nirlep for consideration of Rs42.50 crore, depending on the adjustment of any additional liabilities for the period prior to the acquisition," said Bajaj Electricals.

Tinuku Bajaj Electricals announced to acquire Nirlep Appliances

"The proposed acquisition will provide ongoing business arrangements and other synergistic benefits for the company. It will also give the company exclusive access to the Nirlep brand, sophisticated manufacturing facilities, people, distribution networks, and intellectual property rights," the statement said.

Bajaj Electricals said it has agreed to complete the acquisition of all Nirlep shareholdings in two stages where 80% of the shares will be acquired within 60 days of the agreement and the company has the right to use the call option to acquire the remaining 20% of the shares at any time.

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