Shares of Bajaj Electricals Ltd surged 8% to hit a day’s high of Rs 653.80 on 24th September, after the company approved a proposal to acquire the Morphy Richards brand and related intellectual property rights from Ireland’s Glen Electric, part of the Glen Dimplex Group, for Rs 146 crore.

The deal grants Bajaj Electricals (BEL) the rights to the Morphy Richards brand in India, Nepal, Bhutan, Bangladesh, the Maldives, and Sri Lanka. This affords the company full control over a premium brand. It has collaborated with this brand for over 20 years. The transaction still requires final agreements and regulatory approvals.

BEL has been selling Morphy Richards products in India since April 2002, positioning them in the premium home appliances segment.

The nearly 90-year-old Morphy Richards brand operates in 26 countries. It offers a range of kitchen appliances, breakfast makers, garment care products, and floor care products.

For Bajaj Electricals, part of the Bajaj Group, the acquisition strengthens its consumer products portfolio. This portfolio already includes appliances, fans, lighting, and non-stick cookware under Nirlep Appliances. It also includes its EPC (engineering, procurement, and construction) business.

The move highlights BEL’s aim to strengthen its position in India’s growing appliances market. Additionally, it seeks to expand the Morphy Richards brand across South Asia.

At 11:26 AM, the shares of Bajaj Electricals were trading 7.34% higher at Rs 619.45 on NSE.

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