NE BUSINESS BUREAU
PUNE, FEB 12
Renowned industrialist Rahul Bajaj – the doyen of the Bajaj Group – passed away on Saturday in Pune following a prolonged illness. He was 83.
Born in Kolkata in 1938, he was ailing from cancer for a long time and the end came around 2.30 p.m. on saturday.
Bajaj had taken charge of the Bajaj Group in 1965 and during his captaincy, the group soared to one of the biggest in the sub-continent.
“Rahul Bajaj died today at 2.30 pm. He died due to heart and lungs problems. He was admitted for past one month in Ruby hall hospital in Pune,” Dr Parvej Grant, chairman of Ruby Hall hospital told.
He was at the helm of India’s second largest auto company for over five decades. Under his strong leadership, Bajaj Auto reached the hearts of millions in the country. Two-wheelers in India had been synonymous with Bajaj between 1970s and 1990s.
Bajaj graduated with an Honours Degree in Economics from the prestigious St Stephen’s College, Delhi in 1958. He also had an MBA from Harvard Business School. In 1926, Jamnalal Bajaj, Rahul Bajaj’s grandfather formed Bajaj group of companies. After finishing studies, Bajaj took over as chief executive officer of Bajaj Auto in 1968. Within a few years of his stint at the helm, Bajaj expanded into new businesses, including cement, electrical appliances and scooters.
The dream run of Bajaj Bike begins…
Bajaj launched its most iconic scooter Bajaj Chetak and within few years it became one of those most-loved two-wheelers in the country. For rising aspirations middle-class Bajaj Chetak was a matter of pride. And this tryst continued for years.
Very few companies have dominated the market the way Bajaj did for decades. In 1950s and 1960s, Bajaj group sold three-wheeled autorickshaws and mini trucks. In 1960s, Bajaj established a plant to manufacture Vespa scooters in collaboration with Piaggio of Italy. From 1970s, the company became the undisputed in the two-wheeler market in India.
Bajaj was one of the first companies to launch a locally made motorcycle in India through a tie-up with Kawasaki of Japan. Even when the demand for scooters faded away in the late 1990s, Bajaj changed the gear and shifted to stay relevant.
Known for his ‘frank and fearless’ nature, Rahul Bajaj was truly an icon who shaped the two-wheeler industry. Remembering him, Anand Mahindra chairman of Mahindra Group wrote, “I stand on the shoulders of giants. Thank you, Rahulbhai, for letting me clamber up onto your broad shoulders, advising me, cheering me on, encouraging me to be bold.”
Rahul Bajaj served twice as the President of the Confederation of Indian Industry (CII), once at the Society of Indian Automobile Manufacturers (SIAM). Bajaj also as the Chairman of the erstwhile Indian Airlines. In 2001, Rahul Bajaj was awarded with Padma Bhushan the third highest civilian honour in the country.
The net worth of Bajaj family stood at $14.4 billion, according to Forbes India’s 100 Richest People in 2021 list. The Bajaj family was also ranked as the 12th richest family in India.
