Bajaj Electricals buys Morphy Richards for ₹141.4cr
Bajaj Electricals is now the official owner of Morphy Richards in India and nearby countries, after signing a ₹141.4 crore deal.
This means they now control the brand's trademarks, websites, and social media in places like Nepal, Bhutan, Bangladesh, Sri Lanka, and the Maldives.
The payment will be made in three parts over the next couple of years.
Glen Electric's licensing deal with Bajaj ends now
With this move, Bajaj ends its old licensing deal with Glen Electric Limited (which included settling some unpaid royalties).
Sanjay Sachdeva, Bajaj's MD and CEO, says actually owning Morphy Richards will help them step up their game in premium home appliances, a premium consumer segment.
Fergal Naughton, Executive Chairman, Glen Dimplex, is confident Bajaj understands local customers' needs and can take Morphy Richards to new heights in these markets.