Kamalnayan Bajaj - page 51

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KamalnayanBajaj –Architect of theBajajGroup
Kamalnayan liked tomixbusinesswithpleasure. In thispicture
MLGauba, headof all theBajajGroup’sconsumer electricals ventures,
joinsSavitri andKamalnayan inZurich.
The picture changedovernight by 1970. A license to
expandGLS lamps productionby 3mpieces annually
was granted in1965, but asKamalnayannoted, “For
want of an import licence for capital goods, it has not
beenpossible so far to implement the expansion.”The
next year, 1971,HindLamps’ application for expansion
under the 4thFiveYear Planwas rejected.
Overall, the partnershipworkedwell financially. Sales
shot up fromRs. 18 lakh inFY1953 toRs. 3.93 crore
inFY1972, profits fromRs. 4 lakh (FY1953) to
Rs. 13.64 lakh (FY1972). The equity balance changed
in 1973 after the introduction of India’s Foreign
ExchangeRegulationAct. UK’sGeneral Electric
Company sold its shareholding to the Bajaj Group,
making Philips aminority partner. The partnership
would eventually end in 2006when the Bajaj Group
completely bought out Philips. Frits died a centenarian
in 2005.
HindLampscertificateof incorporation
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