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New Delhi, Mar 18 () Bajaj Auto on Wednesday said its board has approved the re-appointment of Rajiv Bajaj as Managing Director and CEO of the company. The approval was given in board meeting held on Tuesday. "Rajiv Bajaj, Managing Director and CEO of the company, whose five-year term expires on March 31, 2020, has been re-appointed for a further period of five years with effect from April 1, 2020," the company said in a filing to BSE. However, the re-appointment of subject to approval of the shareholders of the company at the ensuing annual general meeting, it said. The board also approved the appointment of Gita Piramal as independent director of the company, whose five-year term as independent director expires on March 31, 2020, as per the filing. The shares of Bajaj Auto were trading at Rs 2,220.25 apiece on BSE, down 2.37 per cent from the previous close. SID SID ANSANS

Bajaj Auto board approves reappointment of Rajiv Bajaj as MD, CEO

Former chairman of the <keyword id="101435" type="General" weightage="20" keywordseo="Bajaj-Group" source="Orion">Bajaj Group</keyword> <keyword id="33278" type="General" weightage="20" keywordseo="Rahul-Bajaj" source="Orion">Rahul Bajaj</keyword> passed away in Pune on Saturday, a company official said. He was 83. Bajaj was not keeping well for quite some time and passed away at around 1430 hrs on Saturday, the official said. His last rites will be held on Sunday. He is survived by two sons, <keyword id="45497" type="General" weightage="20" keywordseo="Rajiv-Bajaj" source="Orion">Rajiv Bajaj</keyword> and <keyword id="68683" type="General" weightage="20" keywordseo="Sanjiv-Bajaj" source="Orion">Sanjiv Bajaj</keyword>, and a daughter <keyword id="788605" type="General" weightage="20" keywordseo="sunaina-kejriwal" source="Orion">Sunaina Kejriwal</keyword>. He resigned from his position of non-executive director and chairman at Bajaj Auto on April 30 last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sebi-bars-reliance-home-finance-anil-ambani-and-3-others-people-from-market-for-alleged-fraud-activities/articleshow/89520549.cms">SEBI bars Reliance Home Finance, Anil Ambani and 3 others people from market for alleged fraud activities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/ipl-2022-auction-paused-as-auctioneer-hugh-edmeades-collapses-during-bidding/articleshow/89523643.cms">IPL 2022 auction paused as auctioneer Hugh Edmeades collapses during bidding</a>

Noted industrialist Rahul Bajaj passes away at 83

<ul><li><keyword id="2665691" type="PERSON" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword> held meeting with chiefs Bajaj Auto and <keyword id="46156" type="CITY" weightage="20" keywordseo="TVS-Motor">TVS Motor</keyword> on Friday. </li></ul><ul><li>The government think tank wants two-wheeler and three-wheeler vehicles in India to go electric by 2023 and 2025 but the industry is protesting. </li></ul><ul><li>The meet was attended by Bajaj Auto MD, Rajiv Bajaj and TVS Motor Chairman, Venu Srinivasan, among others. Hero MotoCorp Chairman Pawan Munjal skipped the meeting. </li></ul>The Narendra Modi government in India is keen on electrifying as many vehicles on Indian roads as possible. However, the latest proposal to set a deadline of 2023 for two-wheeler makers and 2025 for three-wheeler makers has the companies up in arms. In a meeting with representatives of two and three wheeler manufacturing industries, the central think tank of India, the NITI Aayog on June 21, has asked the industry majors to draw up and present a plan to switch to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> (EV’s) in the coming years, in two weeks. However manufacturers have shown disappointment with the plan sitting that they have already been forced to deal with an accelerated timeline for the new emission norms that are due to sweep in in 2020. While Rajiv Bajaj, the Managing Director of Bajaj Auto, reportedly called it ‘shock and awe’, Venu Srinivasan, Chairman, TVS Motor, told the <a href="https://economictimes.indiatimes.com/industry/auto/two-wheelers-three-wheelers/india-inc-wants-nitis-ev-juggernaut-to-move-out-of-the-fast-lane/articleshow/69920504.cms">Economic Times</a> that the government seemed to “negate in one stroke” the strides made by India in building the world’s largest <keyword id="411149" type="PERSON" weightage="20" keywordseo="two-wheeler-market">two wheeler market</keyword>. While Bajaj and TVS argued for more reasonable timelines, Pawan Munjal who heads India’s largest two-wheeler company, Hero Moto Corp, did not even attend the meeting on Friday. Further, the companies argued for fiscal incentives to promote manufacturing and sales of electric two-wheelers and three-wheelers. “I’m in awe of the apparent willingness to subsidise EVs — an approximate ₹1 lakh per vehicle — to help achieve reasonable price parity with ICE two- and three- wheelers for an estimated minimum industry size of 25 million by 2025,” Bajaj said. However, the Niti Aayog reportedly has the support from two-wheeler EV startups, represented by Tarun Mehta, founder of Alther Energy, and Sulajja Motwani of the Firodia group. However, the current manufacturing capacity of the startups is too low to meet the government’s target.

India’s top two-wheeler makers are on a collision course with the government over the deadline for electrification

Swiss sports bike maker <keyword id="47944" type="General" weightage="20" keywordseo="KTM" source="Orion">KTM</keyword>, which has a manufacturing joint venture with <keyword id="6359783" type="DOMAIN" weightage="20" keywordseo="bajaj-auto" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="bajaj auto" meta.entityname="Bajaj Auto Ltd." meta.entityid="21430" meta.seoname="bajaj-auto-ltd">Bajaj Auto</keyword>, on Friday said it will begin selling the electric model of the resurrected iconic <keyword id="409918" type="General" weightage="20" keywordseo="chetak" source="Orion">Chetak</keyword> in the first quarter of 2024 in Europe. The 50.1:49.9 joint venture also rolled out the 1 millionth KTM bike from the Chakan plant near here. KTM claims to be the world's No 1 premium motorbike brand. The <keyword id="8226904" type="General" weightage="100" keywordseo="e-Chetak" source="Orion">E-Chetak</keyword> especially the second generation, is a great commuter product for a market like Europe. If everything goes as planned we should be selling this <keyword id="3044901" type="General" weightage="20" keywordseo="e-scooter" source="Orion">e-scooter</keyword> in Europe from early 2024. The European marketing season begins in March and we should be ready by then, Stefan Pierer, the chief executive of Perier Mobility which owns the KTM brand told reporters here. Since its launch in 1972, the Chetak became a household name over the decades but since the company made bigger from bikes, Bajaj Auto under the present management led by Rajiv Bajaj 2006 discontinued the Chetak. The iconic scooter made a comeback in October 2019 in the <keyword id="186291" type="General" weightage="20" keywordseo="EV" source="Orion">EV</keyword> form and since then has sold over 24,000 units at a price tag of Rs 1.4 lakh and is available in 40 cities now. The Bajaj KTM tie-up began in October 2007 and the first bike was rolled out in 2011. Rajiv Bajaj addressing the media said half of the 1 million KTMs are on Indian roads and the rest are exported to around 70 countries. On an annual basis, the Chakan plant can manufacture 2 lakh units of various KTM models and last year its output stood at around 1.6 lakh which has fallen further this fiscal due to chip shortage, a bajaj official told PTI here on Friday. Half of the KTMs produced in Pune are shipped to around 70 global markets by KTM while Bajaj ships a portion of its volume to Sri Lanka, Nepal and Indonesia, Pierer said. On achieving the 1 millionth milestone, Bajaj said when we began the KTM partnership in 2007 with the goal of affordable innovation and 15 years later we have not only been successful but have also become strategic partners with a 49.9:50.1 equity holding structure. And given our similar cultures, sustained and trusted cooperation has been built which will soon be extended to electric vehicles and next-generation technologies. He also said the plant is ready to roll our higher-end KTM bikes as and when KTM management wants us. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/hyundai-grand-i10-nios-facelift-launched-price-features-and-more/slidelist/97166586.cms">Hyundai Grand i10 Nios facelift launched – price, features, and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/education/news/iit-kanpur-develops-drone-technology-course-for-iits-tech-institutes-skill-development-centres/articleshow/97161282.cms">IIT Kanpur develops drone technology course for IITs, tech institutes &amp; skill development centres</a>

KTM to sell electric version of Chetak in Europe from Q1 of 2024

Pune, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword> is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing <keyword id="20201280" type="General" weightage="20" keywordseo="bajaj-group" source="keywords">Bajaj Group</keyword>'s commitment of Rs 5,000 crore towards <keyword id="19916939" type="General" weightage="20" keywordseo="corporate-social-responsibility" source="keywords">Corporate Social Responsibility</keyword> (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that <keyword id="20050188" type="General" weightage="20" keywordseo="pulsar" source="keywords">Pulsar</keyword> launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the <keyword id="21052740" type="General" weightage="20" keywordseo="bajaj-family" source="keywords">Bajaj Family</keyword>'s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The <keyword id="21051165" type="General" weightage="20" keywordseo="jamnalal-bajaj-foundation" source="keywords">Jamnalal Bajaj Foundation</keyword>, Jankidevi Bajaj Gram Vikas Sanstha, and the <keyword id="21052739" type="General" weightage="20" keywordseo="kamalnayan-bajaj-hospital" source="keywords">Kamalnayan Bajaj Hospital</keyword>, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and Mukand Ltd. "Launching the Bajaj Engineering Skills Training (<keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">BEST</keyword>) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group," Rajiv Bajaj said. "You do not change the world by sloganeering. Saying Make in India does not change the world; saying Aatmanirbhar does not change the world; saying vocal for local does not change the world; saying Viksit bharat does not change the world. "Words would not change the world, unless you have the skills to put those words into action. It would certainly not change the world by saying I will spend tens of thousand of crores of rupees on CSR or that I want to touch billions of lives," he added. Speaking at the event Sanjiv Bajaj, Chairman &amp; Managing Director, Bajaj Finserv, said, "Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent." With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added.

Bajaj Auto working on CNG bike, to hit road in June: MD

Pune, Jan 24 () Bajaj Auto and iconic British motorcycle brand Triumph on Friday formally commenced their non-equity global partnership to manufacture a new range of mid-capacity motorcycles in the country.
 The two automakers had announced a non-equity partnership in August 2017.
 The bikes produced under the brand will be available from 2022 and will have price starting at less than Rs 2 lakh, Triumph Motorcycles Chief Commercial Officer Paul Stroud said here.
 The partnership will build a new engine and vehicle platform in the mid-capacity range (200-800 cc) and offer multiple options to address different segments in this class.
 "The triumph brand is an iconic one the world over. So, we are confident that there will be a huge appetite in India and other emerging markets for these new products," Bajaj Auto Managing Director Rajiv Bajaj said.
 "The products that will come out of the partnership will also help attract a younger, but still discerning, customer audience and is another step in our ambition to expand globally, particularly in the fast-growing markets of South East Asia but also driving growth in more mature territories like Europe," Triumph Motorcycles Chief Executive Officer, Nick Bloor said.
 The Triumph-Bajaj collaboration will combine strength in design, technology, cost-competitive manufacturing and an intimate knowledge of key target markets to deliver a range of products and business successes, as per the pact. IAS ANS
ANS

Bajaj Auto, Triumph start manufacturing new mid-capacity motorcycles in India

<ul><li>Bajaj Auto announced its earnings for the first quarter of FY20. </li><li>Bajaj Auto’s profits stood at ₹1126 crores as compared to ₹1115 crores in the same quarter last year. </li><li>Its share price jumped by 4% after it announced earnings.</li></ul>Bajaj Auto’s share price jumped by over 4% as the country’s leading two and three-wheeler maker gave up margin for more market share. The company led by Chief Executive Officer Rajiv Bajaj in the domestic motorcycle segment, has a market share of 18.3% against 16.3% in Q1FY19. Meanwhile, in the sports segment, the company continues to enjoy a market share of nearly half the segment. This came at a cost. Overall margins shrank to 16.1% from 18.3% because automobile demand has been on a downtrend last few months. At a time when the sales for the entire two-wheeler industry fell 9%, Bajaj Auto clocked a 1.6% growth in sales between April and June 2019. Bajaj Auto’s profits stood at ₹1126 crores, just a tad higher than the figure the same time last year. It’s consolidated profit after tax stood at ₹1012 crores, down 2.8% from a year earlier. Its total revenue from operations grew 3.8% to ₹ 7,756 crores. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/539643"></div>
]]></cdata></div>

Bajaj Auto share price spikes as company gains market share

<keyword id="6359783" type="General" weightage="80" keywordseo="bajaj-auto" source="Orion">Bajaj Auto</keyword> said its consolidated net profit increased 17.51% to Rs 2,020 crore for the September quarter with robust domestic performance driving record revenue. The Pune-based company had reported a consolidated net profit of Rs 1,719 crore in the year-ago period. Total income increased to Rs 11,207 crore for the second quarter of the current fiscal from Rs 10,537 crore a year ago, Bajaj Auto said in a regulatory filing. Bajaj Auto said its revenue from operations registered a new high of Rs 10,777 crore, up 6% year-on-year (YoY). In terms of volume, Bajaj said it sold a total of 10,53,953 units in the quarter under review, down 8% from 11,51,012 units in the year-ago period. Two-wheeler sales in the domestic market were down 19% to 5,05,320 units in Q2 as compared to 6,21,134 units in the year-ago period, while exports were at 3,76,263 units as against 3,97,900 units last year, down 5%. Total three-wheeler sales were at 1,72,370 units in the quarter under review as against 1,31,978 units in the corresponding period a year ago, up 31%. In the domestic market, the company said it clocked its highest-ever quarterly sales at 1,32,236 units as against 73,241 units last year, registering an increase of 81%. Addressing reporters in a virtual earnings call, Bajaj Auto Executive Director Rakesh Sharma said the company has been able to deliver "record breaking" performance in the midst of difficult international trading conditions. He said the drop in volumes of two-wheelers was due to the high base effect of the corresponding period last fiscal. Led by strong performance in the 125cc and above motorcycle segment, Sharma said Bajaj Auto has been able to increase its market share, which, along with better product mix, resulted in better revenue realisation. The domestic business registered a new peak, on the back of six successive quarters of double-digit growth, he added. On the company's electric two-wheeler brand <keyword id="409918" type="General" weightage="50" keywordseo="chetak" source="Orion">Chetak</keyword>, Sharma said after sorting out supply chain issues since March-April this year, Bajaj Auto has been able to increase its market share in the electric two-wheeler segment to 11% in Q2, up from 3% in FY23. The portfolio of the brand would also be expanded, he said, adding that the sales network of Chetak is present in 120 cities as against 90 in the previous quarter. Asked about the penetration of electric two-wheelers, he said it is at around 5% of the overall two-wheeler industry and in the September quarter, it has been "stuck" at monthly sales of about 65,000 units due to increase in prices after the reduction in FAME II subsidy. It has led to consolidation with the top-five players commanding 75% of the market as compared to 50% earlier and the bottom players have been weakened and severely hit. Sharma said one needs to wait and see how electric two-wheelers will grow in future as it will depend on the continuation or changes in the FAME scheme. Commenting on the performance of premium bike <keyword id="52525" type="General" weightage="50" keywordseo="triumph" source="Orion">Triumph</keyword>, he said it has been received extremely well in the market with the model clocking 8,000 units in the first one and half months of deliveries since August. Bajaj Auto will increase monthly production of the model to 10,000 units by the fourth quarter of FY24, up from 7,000 units currently. The company is also planning to start exports of Triumph bikes in the third quarter, while work on taking the brand experience to over 100 cities by the year end is on track from 26 currently, he added. Asked about the company's new launches, Sharma said there will be six upgrades and new launches in the 125 cc and above segment in the next four to five months starting after Diwali. On exports, he said a slow and steady recovery is expected considering the current global geopolitical situation and the difficulties in the financial system. Bajaj Auto said it sustained strong cash generation by adding over Rs 3,600 crore of free cash flow in the first half of the current fiscal. Shares of the company ended marginally up at 5,143.80 apiece on the BSE on Wednesday.

Bajaj Auto Q2 net profit rises 17% to Rs 2,020 crore

<a href="http://www.businessinsider.in/searchresult.cms?query=Bajaj+Auto+">Bajaj Auto </a>has launched a series of cruiser bikes ahead of Diwali, the time when most Indian households prefer to make big purchases. The newly-launched invention of <keyword id="6358511" type="COMPANY" weightage="20" keywordseo="Bajaj">Bajaj</keyword> comes under its <keyword id="387879" type="UNKNOWN" weightage="20" keywordseo="Avenger">Avenger</keyword> brand of bikes. 
 <keyword id="45497" type="PERSON" weightage="20" keywordseo="Rajiv-Bajaj">Rajiv Bajaj</keyword>, MD of India’s leading two-wheeler manufacturer, said, that he is pretty sure that the new range of 220cc and 150cc bikes are capable of helping the firm grow by 8-9% in the premium segment, for a shorter term though. 
 
Bajaj, further, said that one should not wonder if the Avenger sales jump to 10,000-15,000 units a month. As of now, the company is selling around 4,000 units in a month’s time. 
 
While showing his confidence on the <a href="http://www.businessinsider.in/searchresult.cms?query=Bajaj+Avenger+">Avenger </a>series, Bajaj said, "My confidence comes from a time-tested approach of creating something which is the opposite of what's there in the market. When everybody is presenting one format of a bike, we are presenting something different with the Avenger. And hopefully people who are tired of buying the same thing will go for something new and exciting." 
 <keyword id="6359783" type="CITY" weightage="20" keywordseo="Bajaj-Auto">Bajaj Auto</keyword> had felt that the current model of Avenger that is available in the market is apt for a select segment of consumers. This was the reason why the sale was limited to just 4,000 units a month. 
 
In its newly-introduced series of Avenger bikes, the Pune-headquartered company has provided a variety in price, cubic capacity, design and feel. 
 
While sharing the growth details of various category bikes manufactured by Bajaj Auto, an official statement revealed, "Our segment share in the sports bike category has come close to 40%, thanks to the new range of Pulsar bikes. With this segment making up for 18% of the overall 8.5 lakh units a month, the premium segment constitutes about 1.6 lakh units per month. An incremental gain of 11,000 units can easily help us increase the segment share by 7-8%, which may take our share to over 45%." 
Image: indiatimes

Bajaj gives you reasons to go for its newly-launched Avenger this Diwali

<ul><li><keyword id="6359783" type="ORGANIZATION" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword>’s iconic scooter brand Chetak is making a grand comeback </li><li>The e-scooter will be launched today.</li><li>Chetak will be priced ‘very competitively’. </li></ul><keyword id="6358511" type="UNKNOWN" weightage="20" keywordseo="Bajaj">Bajaj</keyword> Auto’s iconic scooter brand Chetak is making a grand comeback – only this time, in an electric version. The company will be launching the e-scooter today and all eyes will be on Bajaj as it brings back the Chetak. However, the e-scooter will also be missing the Bajaj logo as they are creating a niche brand. The scooter will initially be launched in Pune, and will be rolled out in Bengaluru, later. Bajaj also said that the e-scooter Chetak will be priced ‘very competitively’. The company’s move to electric comes in at a time when the auto sector is undergoing a slowdown. In September 2019, Bajaj saw a 20% drop in sales as compared to the same month the previous year. In spite of the fact, the company’s market share grew to 18.3% in Q1FY20 from 16.3% in Q1FY19. In the sports segment, the company enjoys almost 50% of the market share. Bajaj Auto’s profits for the first quarter of FY20 at ₹1126 crore in Q1FY20 which registered a flat growth from the same quarter last year. Its total revenue from operations grew 3.8% to ₹ 7,756 crore during the same quarter.

A 79-year iconic scooter brand is taking an electric avatar - but it will not be called Bajaj

New Delhi, Nov 26 () Shared e-mobility service provider Yulu on Tuesday said it has secured USD 8 million (approximately Rs 57.2 crore) investment from two-wheeler major Bajaj Auto.
 As part of the tie-up, Yulu will source electric two-wheelers from Bajaj Auto which have been co-designed and manufactured exclusively for shared micro-mobility, Yulu said in a statement.
 Bajaj Auto will also consider facilitating vehicle finance needs of Yulu for a large-scale deployment of its micro-mobility electric vehicles, it added.
 "We believe that... congestion reduction and pollution control will drive the segment of shared micro-mobility in the future," Bajaj Auto Managing Director Rajiv Bajaj said.
 That, coupled with the expansion of mass rapid transport systems like Metro in large cities, will further boost the demand for flexible last-mile connectivity, he added.
 "In Yulu, we find an experienced and committed partner with robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighbourhood of urban India," Bajaj said.
 Yulu said the fresh round of investment will be utilised for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion.
 The company plans to increase its fleet size to 1,00,000 electric two-wheelers by Dec 2020 with an extensive network of its battery-swapping stations across the cities where it operates.
 "Yulu's electric two-wheelers will help Indian commuters with the first and the last mile connectivity option. This partnership aims to solve the mobility challenges of urban India in an eco-friendly manner," Yulu Co-Founder and CEO Amit Gupta said.
 Currently, Yulu is present in Bengaluru, New Delhi, Pune, Greater Mumbai, and Bhubaneswar. MSS RKL ANS
ANS
ANS

Yulu receives USD 8 mn funding from Bajaj Auto

After 15-month-long tussle with workers, Pune-based <keyword id="6358511" type="COMPANY" weightage="80" keywordseo="Bajaj">Bajaj</keyword> Auto and its Chakan plant union have finally reached a wage agreement under which the management has agreed to hike the wages by up to Rs 10,000 a month. The intermittent unrest has affected the production of Bajaj Auto. 
 
Under the new wage agreement, permanent employees having been with the company for five or more years will get a wage hike of Rs 10,000 a month. On the other hand, those having spent three years or more will be given Rs 9,500 a month. 
 “We are happy that the Chakan union has agreed to our proposals on the wage hike, which we had come up with at the time we entered into negotiations with them,” said a company official, confirming the wage hike pact that <keyword id="310993" type="COMPANY" weightage="80" keywordseo="Bajaj-Autos">Bajaj Autos</keyword> signed with its union. 
 The new agreement was reached last week with the management and the <keyword id="2477414" type="UNKNOWN" weightage="80" keywordseo="Chakan-plant-employees-union">Chakan plant employees’ union</keyword>, <keyword id="2475952" type="UNKNOWN" weightage="60" keywordseo="Vishwakalyan-Kamgar-Sanghatna">Vishwakalyan Kamgar Sanghatna</keyword>. According to people in the company familiar with the matter said that under the settlement agreement, the management has also decided to convert the earlier Rs 12,000 annual attendance award for full attendance to Rs 1,000 a month. 
The revised agreement will be effective, retrospectively, from April 1, 2013 for three years and ends the near 18-month uncertainty, which witnessed frequent strikes and labour unrest at the company’s main plant at Chakan near Pune. 
 Apart from the wage hike, the other major demand was the near-free allotment of Bajaj shares to them through an ESOP (employee stock ownership plan) agreement. Bajaj Autos managing director and chief executive <keyword id="45497" type="PERSON" weightage="80" keywordseo="Rajiv-Bajaj">Rajiv Bajaj</keyword> had vehemently opposed this. Notably, the new wage agreement does not include the ESOP. 
 
Under the new agreement, 60% of the revised wage will be part of the basic pay and the rest in allowances. Besides, the existing regular attendance bonus of Rs 480 has been revised and half of this (Rs 240) will be merged and the rest divided into weekly pay of Rs 60 each. 
 
Both the Bajaj management and the union have also agreed to withdraw all cases related to Chakan plant within 15 days of the date of settlement. 
 The Chakan plant employs over 2,000 workers. This includes around 900 permanent employees. The company produces 1.2 million motorcycles, including the flagship <keyword id="76971" type="ENTERTAINMENT" weightage="60" keywordseo="Pulsar">Pulsar</keyword>, the <keyword id="387879" type="UNKNOWN" weightage="60" keywordseo="Avenger">Avenger</keyword>, the <keyword id="57645" type="PERSON" weightage="60" keywordseo="Ninja">Ninja</keyword> and the KTM brands, per year. 
(Image: Wikipedia)

Bajaj Auto Hikes Wages Of Chakan Plant Workers By Up To Rs 10,000 A Month

New Delhi, Jan 30 () Bajaj Auto's long serving Chairman Rahul Bajaj will step down from executive role to become a non-executive director while continuing to hold his current position, the company said on Thursday.
 Bajaj, who has been a director of the company since April 1, 1970, was last reappointed by the board for a five-year term with effect from April 1, 2015, and his term as executive chairman is expiring on March 31, 2020, the company said in a regulatory filing.
 "Due to certain commitments and other pre-occupation, Rahul Bajaj has decided not to continue as a whole-time director of the company after the expiry of his current term on March 31, 2020," it added.
 Bajaj Auto further said its board of directors in a meeting held on Thursday approved his appointment as non-executive director with the designation continuing as the chairman of the company with effect from April 1, 2020, subject to shareholders' approval. 
 Since Bajaj has already attained the age of 75, approval of shareholders will be taken by special resolution by way of postal ballot for his appointment as non-executive chairman as required under SEBI regulations, the company added.
 After taking charge of the Bajaj Group business in 1965, Rahul Bajaj led the company to its growth path. Under his stewardship Bajaj Auto, the group's flagship company, saw its turnover grow to Rs 12,000 crore from just Rs 7.2 crore with the firm's scooters becoming the mainstay.
 He steered the diversified entity during India's transition from a closed economy to a liberalised one and drove the company to expand its product portfolio with the Bajaj brand finding foothold in global markets. 
 In 2005, Rahul Bajaj started passing the baton of the company to son Rajiv Bajaj, who became the managing director of Bajaj Auto and led the company to become a truly global automobile player. 
 Rahul Bajaj, an Economics graduate from Delhi University as well as an MBA from Harvard Business School, was also a member of Rajya Sabha from 2006-2010. RKL RUJ
RUJ

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