Industrialist Rahul Bajaj Expires at 83, Marks The End of an Era
Rahul Bajaj, Bajaj Auto, the chairman emeritus and the man who offered the middle-class Indian the liberty with the Chetak scooter within the mid-1970s, died on Saturday at 83. He’s not feeling well for some time.
Rahul Bajaj’s Legacy
Bajaj grew up in a family where Mahatma Gandhi treated his grandfather Jamnalal Bajaj as his 5th son. His father, Kamalnayan, was a part of the Congress Party who eventually had a falling out with Indira Gandhi. During the struggle for independence, the Bajaj family, like the Birlas, had political ties, with important leaders paying trips to their homes.
In certain ways, his legacy may be assessed. Bajaj had trouble meeting desire for his Chetaks due to the License Raj. The waiting period was once extended to ten years, and anyone possessing an allotment receipt could make a fortune.
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Rahul Bajaj’s Rise
Bajaj was a significant figure in the so-called Bombay Club, which lobbied against foreign firms entering India. Bajaj decided to work with global firms, partnering with Germany’s largest financial services company, Allianz SE, to organize the insurance coverage business.
In today’s market, buyers assess business properties on a different scale. If profitability and market capitalization are used to evaluate his peers, Bajaj companies have performed significantly better. He built Bajaj Auto, Bajaj Finance, Bajaj (*83*), and Bajaj Holdings from the ground up. In a well-thought-out succession plan, his sons Rajiv and Sanjiv had taken over the responsibilities throughout his lifetime. He preferred to take a back seat and marvel at them as they expanded the business.
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Rahul Bajaj ended up taking over Bajaj Auto in 1965, whenever the country was still under the License Raj, with degrees from St Stephen’s College in Delhi, Harvard Business School, and Government Law College in Mumbai. The company produced Vespa scooters under license from the Italian company.
Rahul Bajaj’s Successor
In 2005, Bajaj stepped down as CEO of Bajaj Auto, handing over the reins to his son Rajiv. He quit as chairman of Bajaj Auto last year, claiming his age, and assumed the position of chairman emeritus, placing his cousin Niraj in charge of the company’s board of directors.