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Bajaj Electricals sees immense opportunity in the connected devices space and is moving ahead to tap the potential of IoT (Internet of Things) based products.
The consumers are not only ready but eager to evolve into this new world of possibilities, the company said in its annual report.
"We have embarked on a new journey in digitisation with our Integrated Building Management System (IBMS) and our technologically advanced LED lighting solutions which help customers upgrade to next level of lighting," the company said.
It further added: "Our commitment to bring the best to our customers has inspired us to tap into the potential of IoT, the latest concept in technology, which connects everyday devices with internet network, allowing these devices to interact with each other and exchange data."
The company, which is participating in the government project to develop 100 smart cities has already tied up with networking major Cisco and Gooee for it.
"In its endeavour for creating smart City solutions, Bajaj Luminaires has tied up with Cisco for smart outdoor lighting solutions and UK's Gooee for IoT enabled lighting systems," it said.
The Luminaries division of the company would exploit the opportunities and the smart city projects will offer more room for growth.
"The IoT is poised to usher in another revolution in our lifestyles. The Indian consumer is not only ready, but eager to evolve into this new world of possibilities as the country marches confidently ahead on its economic highway of growth," said Bajaj Electricals CMD Shekhar Bajaj while addressing the shareholders in the annual reports.
IoT is the inter-networking of physical devices, which are also referred to as connected devices and smart devices with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data.
Besides, the company is also looking to expand its offerings into the mass and premium segment.
"The company aims to roll out new products catering to mass as well as the premium market," said Bajaj Electricals, which had a gross revenue of Rs 4,334 crore in FY 2016-17.
According to the company, "The demand for premium segment consumer appliances will be on the rise as the income level of both urban and semi-urban households is expected to go up in future."
The Shekhar Bajaj firm had in the last fiscal extended its trademark user license agreement with UK-based electrical appliance maker Morphy Richards, under which it offers its premium range products.
"The consumer would have a choice to pick exactly the same products that are available in the European markets. The company will also explore export opportunities with Morphy Richards brand," the company said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)