One of India’s very well-known industrialists, Rahul Bajaj will cease to be the executive Chairman of Bajaj Auto Limited with effect from April 1, 2020, a post he occupied way back in 1970. His appointment as a director in the company comes to an end on March 31, 2020. Bajaj will continue as the non-executive Chairman of the company. He won’t be a whole-time director as well, thereby withdrawing himself from all executive roles.
Rahul’s son Rajiv Bajaj is the Managing Director and will hold all the aces in managing the affairs of the two-wheeler major at the apex management level.
Bajaj Auto has informed the bourses on the changes as required by them to do.
Rahul Bajaj did his graduation from Delhi University before going on to earn his MBA from Harvard. He took over the reins at Bajaj Auto in 1970 when the Indian industry was still part of the licence-permit raj. The turnover of Baja Auto was a mere Rs 7.2 crore then. Customers would have to book a Bajaj scooter and wait for their turn to get the allotment of the vehicle which may take months coming. There was very little serious competition to Bajaj those days. Then came the liberalization of the Indian economy in 1991 and things changed dramatically.
Rahul Bajaj was able to manage the transition and today the company clocks a turnover of Rs 12,000 crore. The company moved to motorcycles and then back to scooters and now trying to take the lead in the electric scooter market too.
Rahul Bajaj, bowing out as he turns 75, can look back with fond memories the progress the company has made in the past five decades.
His appointment as non-executive Chairman will have to be approved by a special resolution by the shareholders of the company, as per SEBI guidelines. The company will do this through a postal ballot.
Bajaj has been a Member of Parliament in the Rajya Sabha and has been quite outspoken on many political issues.