NEW DELHI:
Bajaj Auto is all set to be carved into separate auto and finance entities, to be headed by Group chief Rahul Bajaj's sons Rajiv and Sanjiv, respectively.
A plan for demerger to utilise the company's cash surplus would be put before the board of Bajaj Auto in the coming months, sources close to the the development said, amid reports of differences between Mr. Rajiv and Mr. Sanjiv, neither of whom could be contacted for comments.
When approached, Mr. Rahul Bajaj told PTI that ``I am proud of my sons. They have done a wonderful job for the company. They are individuals in their own rights and if you call it differences, then be it so.'' He, however, declined to comment on the demerger plans. According to the sources, the company board is likely to consider either in its March or May meeting a proposal to demerge automobile and financial and investment businesses to utilise cash surplus and cash equivalent (in the form of investments such as bonds and in other companies). — PTI
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