On the companys new plans, he said: We will be manufacturing dry irons, low-capacity oven toaster grillers (OTGs), and mixer grinders for Morphy Richards in the European markets. For the purpose, we are working closely with Morphy Richards to develop products for the European markets.
According to Mr Ramakrishnan, Morphy Richards is the leading small domestic appliances brand in the UK, present in 90 per cent of UK homes. This brand is marketed and serviced by Bajaj Electricals Ltd which includes products such as steam irons, coffee makers, toasters, sandwich makers and food processors.
As part of its export thrust in its engineering and projects division (EPD), Bajaj Electricals Ltd is now planning to export its high mast lighting equipment to Mauritius in the near future, Mr Ramakrishnan said.
In fact, we have also invested a sizeable amount in setting up a wind energy project at Satara and a state-of-the-art tower manufacturing and galvanising plant at Ranjangaon near Pune, he added.
As for the Indian market, Bajaj Electricals Ltd is now planning to expand its direct dealer network by an additional 10 per cent within a year and retail network by an additional 15 per cent within the next three years, informed Mr Ramakrishnan.
Besides, we are also planning to reduce our working capital by around one per cent. The objective behind the move is to reduce inventories, squeeze the systems and improve business efficiency. In addition, we are also looking at impr-oving our margins, he said.
Bajaj Electricals is also planning to improve service offerings at its 230 service centres spread across the country from 48 hours to 24 hours soon.
To upgrade consumers buying habits for fans from the unorganised market, Bajaj Electricals has launched new sub-branded fans called Maxima priced at Rs 900 and Bahar at Rs 800.
To promote its new products, the company has already started tapping retailers who are currently selling unbranded fans at the same price, explained Mr Ramakrishnan.
According to Mr Ramakrishnan, with the new initiatives, the company hopes to drive revenue growth from 20 to 25 per cent within a year. In addition, it hopes the overall sales turnover to grow to Rs 550 crore within a year. As on February 2003, the company as a whole registered a year-on-year growth of 19 per cent.