New Delhi: Rahul Bajaj, one of the most successful business leaders in the country, finally decided to hang up his shoes at Bajaj Auto, the business he cherished and sent to one of the leading businesses in two- and three-wheelers. The non-executive chairman of the Pune-based two- and three-wheeler manufacturer has submitted his resignation which will take effect from April 30, 2021, Bajaj Auto said.
In place of Rahul Bajaj, the company appointed Niraj Bajaj (67) as chairman with effect from 1 May 2021, he added. A cousin of Rahul Bajaj, Niraj’s career spans more than 25 years. After a short stint at Bajaj Auto and Bajaj Electricals, he was attached to Mukand Ltd. In various positions and he is now the chairman and managing director.
In addition to Bajaj Auto, he is also on the board of directors of Bajaj Allianz Life and General Insurance Co. Ltd., Bachhraj & Company, Jamnalal Sons and several other Bajaj Group companies. Rahul Bajaj will continue as a retiree of the company with effect from 1 May 2021 for a term of five years.
His son Rajiv Bajaj is the managing director, while Madhur Bajaj (cousin of Rahul) is still vice chairman of the company. As a non-executive chairman of the company, Rahul Bajaj has been at the helm of the company and the group since 1972 for five decades.
Considering his age of 83, he offered his resignation as non-executive director and chairman, the application reads. The senior Bajaj has made a major contribution to the success of the company and the Group over the past five decades, taking into account his vast experience and in the interest of the company and to continually benefit from his experience, knowledge and wisdom in an advisory role and as a mentor, the company’s board of directors approved his appointment as emeritus chairman, the application reads.
Rahul Bajaj took control of the Bajaj group in 1965, when India was still a closed economy. He led the business, which was known for its Bajaj Chetak scooters – a product that at the time was an aspiration symbol for the middle-class Indian families – from strength to strength.
He ran the company when India liberalized and became an open economy in the early 1990s amid emerging competition from Japanese motorcycle manufacturers who challenged Bajaj Auto’s scooters. The turnover of the group’s flagship company, Bajaj Auto, grew from 7.2 million to 12 000 million, and its product portfolio expanded and the brand found a global market under its leadership.
One of India’s most successful business leaders, the outspoken Bajaj, was also a member of Rajya Sabha from 2006 to 2010. In November 2019 during an event organized by the Economic Times in Mumbai, where Home Affairs Minister Amit Shah of finance, Nirmala Sitharaman, and the Minister of Trade, Piyush Goyal, were present, the veteran industrialist spoke, among other things, about the ‘suffocation of criticism’ of the government.
‘This environment of fear, it’s definitely in our minds. You (the government) are doing a good job; and despite that, we do not have the confidence that you will appreciate your criticism, ‘he said.
The Bajaj Group manufactures and markets a range of products and services in India and abroad. It is available in various sectors, such as two- and three-wheelers, household appliances, wind energy, forging, among others insurance. The Group has approximately 40,000 employees and its market capitalization amounts to approximately 80,000 million.
Source: Telangana Today