Rahul Bajaj, one of the vital profitable enterprise leaders within the nation, has lastly determined to hold his boots at Bajaj Auto, the corporate he nurtured and steered to one of many main companies 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 corporate has appointed Niraj Bajaj as Chairman with impact from May 1, 2021, it added.
Rahul Bajaj would proceed as Chairman Emeritus of the corporate for a time period of 5 years with impact from May 1, 2021.
As a non-executive Chairman of the corporate, he has been on the helm of the corporate 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 corporate and the Group over the final 5 a long time and contemplating his great expertise and within the curiosity of the corporate and to proceed to profit from his expertise, data and knowledge from time to time in an advisory position and as a mentor, the corporate’s board has permitted 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 corporate, 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 corporate 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 below his management.
One of probably 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 have been current, the veteran industrialist spoke in regards to the authorities’s ‘stifling of criticism’, amongst different issues.
“This environment of fear, it’s definitely on our minds. “You (the federal government) are doing good work; and regardless of that, we do not have the arrogance that you’re going to recognize criticism,” he had stated.