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Bajaj to split into two: Paper
By agencies
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Monday, 12 December 2005, 20:30 IST
MUMBAI: One of IndiaÂ’s oldest business families and the second largest motorcycle maker, Bajaj Auto Ltd. will be split into manufacturing and investment companies, a newspaper said.
The economic Times, quoting Chairman Rahul Bajaj said Rajiv Bajaj, managing director of Bajaj Auto will head the manufacturing unit, while his younger brother Sanjiv, currently executive director, will head the investment company, called the Bajaj Auto Finance.
"The splitting of the company is very important but not urgent," he said. "However, the sooner it happens, the better."
The investment company will also handle the overseas activities of the manufacturing unit and look after local high-end retailing, the newspaper said.
Bajaj Auto's 24 percent stake in Maharashtra Scooters Ltd. would go to the investment company, as would the 74 percent stake in two insurance joint ventures, Bajaj Allianz Life insurance and Bajaj Allianz General Insurance, the paper said.