Bajaj Electricals, which launched a range of pressure cookers and innovative auto lift irons on Wednesday, plans to foray into water purifiers, home UPS, voltage stabilizers, water lifting pumps, lighting and LED lanterns business, to target a turnover of Rs 5,000 crore in the financial year 2012-13.

R Ramakrishnan, executive director, Bajaj Electricals, said their target is to cross a turnover of Rs 2,800 crore this financial year. “We are planning to touch Rs 5,000 crore in FY 2012-13 with organic growth, product diversification and acquisitions,” he said.

The Mumbai-based electrical home appliances maker and project contractor is also revamping its rural marketing strategy and distribution services. “At present, 20 per cent of our revenues come from fans, 24 per cent from home appliances and 25 per cent from lighting from rural markets,” PS Tandon, executive president of Appliances Business Unit, said. The company plans to increase it to an average of 30-35 per cent in the next three years, he added.

Ramakrishnan said the company would increase its 300,000 franchise outlets across urban and rural India to over 500,000 within three years. The firm has 270 service stations in the country. He said Rs 160 crore, raised last December through qualified institutional placement of shares, would be used for acquiring businesses in appliances, lighting and contract manufacturing space. At present, the company has 32 per cent stake in the Starlite Lighting based at Nashik for compact fluorescent lamp (CLF) manufacturing.

Among the products launched on Wednesday, the aluminum and stainless steel model cookers is priced at a range of Rs 800 to Rs 1,725. The 5-litre electric pressure cooker costs Rs 3,295 and the new 1,000-watt irons are priced between Rs 899 and Rs 949.

Ramakrishnan said, with a huge demand for CFL, the capacity would be scaled up from the present 10 million units to 40 million units per annum within two years.

He also said the company had won orders worth Rs 408 crore for rural electrification and street lighting involving the construction of 312 km of 400 kv double-circuit transmission lines under Rajiv Gandhi Gramin Vidhyutikaran Yojna and high mast and street lightening segments.