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Bajaj Electricals, a prominent consumer electronics manufacturer, has recently secured a long-term lease for an entire floor of office space spanning 61,000 square feet in the One International Centre, a commercial development in Lower Parel, Mumbai's business district. The lease agreement was made with Nucleus Office Parks, an entity under the Blackstone Group. The company will pay a total rent of nearly 70 crores over a period of five years, with a 4.5% increase in rent every 12 months.
Additionally, the agreement grants Bajaj Electricals the option to extend the lease for an additional 15 years at prevailing market rates. The deal was finalized and officially registered earlier this week. The company is expected to commence the fit-out work soon, with plans to move into the new office by September or October. The senior management of Bajaj Electricals will conduct their business operations from this new office space.
Furthermore, Bajaj Electricals is currently in negotiations with Nucleus Office Parks for the acquisition of additional space, along with the potential extension of the lease term. The office space secured by the company is located in Tower 4, a newly constructed 22-story building with a total floor area of 7 lakh square feet, which is part of Nucleus Office Parks' One International Centre in Lower Parel. Notably, One International Centre already serves as the headquarters for various renowned international and Indian organizations, such as Deloitte.
With a nationwide presence, Bajaj Electricals operates through its 20 branch offices and a network of approximately 1,000 distributors, 4,000 authorized dealers, and over 400,000 retail outlets. It is widely recognized as one of India's most reputable brands. Originally incorporated as Radio Lamp Works Limited on July 14th, 1938, under the Indian Companies Act of 1913, the company later changed its name to Bajaj Electrical Limited on October 1st, 1960.
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