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BANGALORE, May 27

BAJAJ Eletcricals Ltd is expected to report revenue close to Rs 450 crore for financial year 2002-03, up from Rs 417 crore a year ago. The appliances division is expected to contribute close to Rs 100 crore in last fiscal's top line, Mr P.S. Tandon, Vice-President (Appliances) said.

The division is expected to contribute close to Rs 137 crore in the current financial year, of which Rs 20 crore is likely to be accounted for by existing product range and Rs 17 crore by premium Morphy Richards products, he added.

However, he said that such contribution could swell to Rs 145-150 crore in the current fiscal as the company plans to launch two new Morphy Richards products during November.

Bajaj Electricals, which has significant presence in the lower end of the market, plans to scale up its market share in the higher value segment through its alliance with UK-based Morphy Richards. The company aims to command 20 per cent of the Rs 100 crore, premium small domestic appliances market in near term.

Under the pact with Morphy Richards, Bajaj, at a later stage, is likely to manufacture some of Morphy's products in its facilities in Noida and Mumbai, Mr Tandon said.

Earlier in December last year, Bajaj had launched Shakti range of water heaters aimed at taking on the unbranded local players. The water heater market is estimated to be Rs 300 crore of which local players enjoy a market share of close to 50 per cent.

The company, that had initiated some business reorganisation, exiting some non-profitable efforts like die-casting and plans to add on premium product offerings.

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