Latest News | Bajaj Electricals' Board Approves Permanent Closure of Shikohabad Unit

New Delhi, Jan 3 (PTI) Bajaj Electricals Ltd on Monday said it is going for a permanent closure of its manufacturing unit located at Shikohabad in Uttar Pradesh.

"The board of directors of the company at its meeting held today, i.e. on Monday, January 3, 2022, has considered and approved the proposal for permanent closure of operations at the aforesaid Shikohabad unit," Bajaj Electrical said in a regulatory filing.

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The step has been taken considering the "unsatisfactory performance of the unit with continued operational losses" in spite of attempts to turn it around, making it unviable to continue running the Unit, said Bajaj Electricals.

The Shikohabad unit accounted for a total revenue of Rs 33.46 crore for the year ended March 31, 2021, representing a 0.72 per cent contribution to Bajaj Electricals' total income for the financial.

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It had reported a loss before tax of Rs 4.44 crore to the company during the same period.

Bajaj Electricals had in 2018 acquired the Shikohabad-based unit from Hind Lamps Ltd.

Bajaj Electricals had reported a revenue of Rs 4,573.06 crore in FY21. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)