Rahul Bajaj, one of the most profitable enterprise leaders in the nation, has lastly determined to grasp his boots at Bajaj Auto, the firm he nurtured and steered to one of the main corporations in two and three-wheeler area.
The non-executive chairman of the Pune-based two and three-wheeler maker has tendered his resignation which might come into impact from shut of enterprise hours on April 30, 2021, Bajaj Auto stated in a regulatory submitting.
In place of Rahul Bajaj, the firm has appointed Niraj Bajaj as Chairman with impact from May 1, 2021, it added. Rahul Bajaj would proceed as Chairman Emeritus of the firm for a time period of 5 years with impact from May 1, 2021.
As a non-executive Chairman of the firm, he has been at the helm of the firm since 1972 and the group for 5 a long time. Considering his age, 83, he has tendered his resignation as non-executive director and Chairman, the submitting stated.
The senior Bajaj has made an enormous contribution to the success of the firm and the Group over the final 5 a long time and contemplating his super expertise and in the curiosity of the firm and to proceed to profit from his expertise, data and knowledge from time to time in an advisory function and as a mentor, the firm’s board has authorised his appointment as Chairman Emeritus, the submitting added. Rahul Bajaj had taken cost of the Bajaj group in 1965, when India was nonetheless a closed financial system. He led the firm, identified for its Bajaj Chetak scooters — a product that was an aspirational image for the center class Indian households then — from power to power.
He steered the firm when India liberalised and have become an open financial system in early 90s amidst rising competitors from Japanese motorbike makers that challenged the Bajaj Auto’s scooters. The turnover of the group’s flagship agency, Bajaj Auto has grown from Rs 7.2 crore to Rs 12,000 crore and its product portfolio expanded and the model discovered a worldwide market underneath his management.
One of the most profitable enterprise leaders of India, the outspoken Bajaj was additionally a member of Rajya Sabha from 2006 to 2010. In November 2019, at an occasion organised by the Economic Times in Mumbai the place Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, and Commerce Minister Piyush Goyal had been current, the veteran industrialist spoke about the authorities’s ‘stifling of criticism’, amongst different issues.
“This setting of worry, it’s undoubtedly on our minds. “You (the authorities) are doing good work; and regardless of that, we don’t have the confidence that you simply’ll recognize criticism,” he had stated.
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