Another Bajaj scripts role for himself
Shekhar Bajaj's son Ananth Bajaj launches Bajaj Entertainment, Arts, Music and Sports (BEAMS), reports Suprotip Ghosh & Sabarinath M.business Updated: May 30, 2007 02:28 IST
After Bajaj Auto chairman Rahul Bajaj bifurcated the roles between his sons Rajiv and Sanjiv through a three-way demerger of the group companies, another Bajaj is quietly carving out an independent identity.
Ananth Bajaj (30), son of Shekhar Bajaj, Rahul’s cousin, has launched an entertainment management company called Bajaj Entertainment, Arts, Music and Sports (BEAMS). The new venture is a division of group company Bajaj Electricals, where Ananth is executive director.
"Ananth looks after the exports business of Bajaj Electricals. He wants to pursue some new business opportunities,” said Shekhar Bajaj, MD, Bajaj Electricals.
BEAMS started operations by bringing in a Polish band of musicians known as Y-Not. The event was recently hosted at the Hard Rock Café in Mumbai. Y-Not was started in 2003, and performed in India for the first time with BEAMS. “I will talk about my plans at the appropriate time,” said Ananth Bajaj.
Sources, however, said BEAMS had lined up plans to promote talent across various spectrums. Executives from Bajaj International, the exports division of Bajaj Electricals, are involved in the operations of BEAMS.
Ananth Bajaj, who completed his masters in business administration from the SP Jain Institute in Mumbai, is also managing a solar energy company called Sun Soko. “The Japanese sounding name comes from a man who wants to do something different,” said Shekhar Bajaj.
Bajaj Electricals, which posted a 37 per cent increase in net profit for the quarter ended March 2007, has adopted a new logo, and a new punchline, Inspiring Trust. Shekhar Bajaj has put the company firmly on the path to achieving a turnover of Rs 2,001 crore by 2009-2010. The company's revenues rose 25 per cent in 2007-08.
"The market place is changing very fast and so is the demand trend. Our overheads are also very high, though we have been reducing them by increasing our volumes," said Shekhar Bajaj. Bajaj Electricals has been expanding operations through joint ventures and strategic alliances.
It has tied up with Nardi of Italy to distribute gas appliances. “We are planning to use our distribution network to sell global products. We will start making these products as India is turning out be the hub for low-cost manufacturing,” said Shekhar Bajaj.