Aim To Bridge Skill Gap By Training 10,000 Youth This Year: Shekhar Bajaj
In an exclusive interview with BW Businessworld, Shekhar Bajaj, the Chairman & Managing Director of Bajaj Electricals, sheds light on the strategies that have steered the company through transformative phases. From the strategic demerger of Power Transmission and Distribution to the expansion of consumer brands and impactful skilling initiatives, Shekhar Bajaj provides an exclusive glimpse into the initiatives shaping Bajaj Electricals' presence in the market.
How does the demerger into Bajel Projects benefit Consumer Products and Lighting Solutions businesses?
In the ongoing transformation journey of Bajaj Electricals, a significant milestone has been reached with the completion of the demerger of the Power Transmission and Power Distribution Business (PT & PD) into a separate listed entity named Bajel Projects (BPL). This strategic move is aimed at unlocking growth opportunities by allowing both entities - PT & PD and Consumer Products and Lighting Solutions businesses, to operate independently, capitalising on their respective capabilities and strong brand presence. With a proven track record of over 15 years in executing PT & PD projects, Bajel Projects offers end-to-end solutions encompassing design, testing, procurement, manufacturing, installation and commissioning.
On the front of brand building, Bajaj Electricals' consumer business now has four distinct brands - Bajaj, Morphy Richards, Nirlep and Nex - to our partners and consumers, each delivering on a unique promise. Nex, our latest addition, enriches our portfolio with premium ceiling fans and soon-to-be-launched air coolers, addressing key market needs and complementing our existing offerings. This strategic expansion allows us to cater to a diverse range of consumer segments, meeting their varied preferences and requirements. It serves as a significant driver for the company's long-term growth, offering a robust value proposition for consumers.
What are the strategies employed to build and maintain brand equity in the competitive market?
To maintain brand equity in today's highly competitive market, we focus on four key areas - distribution, cost, product and after-sales service. In terms of distribution, we boast one of the best networks in our industry.
For after-sales service, we handle over 10 lakh services annually, ensuring a 48-hour turnaround time for almost 95 per cent of service requests. Now, regarding product and brand, we believe these are the areas with great future potential.
During the Covid period, while others were cutting back on advertising, we increased our spending to build our brand. While Bajaj is known for reliability, it was perceived as an old-fashioned brand. Recognising the evolving preferences of the younger generation for aesthetically pleasing products, we decided to invest in building a modern brand image.
We aim to enhance Bajaj's reputation beyond reliability, incorporating a more contemporary and visually appealing identity through strategic advertising efforts. As a group, our emphasis is on trust, built through consistent fair practices. Acknowledging mistakes and accepting them is crucial for long-term sustainability.
How is the group's initiative to skill 10,000 youth addressing the gap in employment for graduates?
We realise that graduates often struggle to find jobs due to a lack of skills. So as a group, we're committed to skilling 10,000 youth this year to address this gap. We're establishing colleges and specialised schools, not just as a one-time effort but for sustained impact over the years. These skilling centers are spread across various locations based on local demand, making education accessible.
The focus on skill development aligns with our commitment to contributing to employment growth and sustaining our legacy as a trustworthy brand. Regarding affordability, we aim to make these courses accessible to everyone.
