Calcutta, Sept. 23: Bajaj Electricals is substituting foreign inputs with domestic ones to cut costs, which have shot up owing to the depreciation of the rupee.
Chairman and managing director Shekhar Bajaj said the company was increasingly relying on sourcing from local small-scale industries.
“Those equipment we buy from countries such as China are now being made in India,” Bajaj said on the sidelines of the annual general meeting of the Indian Fan Manufacturers Association (IFMA). He said the company was planning to enter into partnerships with small-scale entrepreneurs.
Last year, the company had tied up with one such unit in Delhi and was planning to enter into another pact with a Nashik unit this year. The company hopes to save 5-10 per cent in costs through such tie-ups.
Bajaj Electricals is eyeing a more than three-fold growth in turnover at Rs 10,000 crore by 2016-17.