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Rahul Bajaj favours split in family business

A split in the Bajaj family seems imminent and a final settlement is likely to take place next week after Shishir Bajaj, one of the five brothers of the family, returns from a trip abroad on June 26.

''I am not at all surprised with the development since the talk of separation among family members has been going on for the last one year'', Rahul Bajaj said in Mumbai on Friday.

When contacted on the telephone, Bajaj said that the news of a split in the family was ''broadly accurate'', and he hoped the issue would be amicably settled after the return of Shishir and Shekhar.

Rahul Bajaj did not sound much perturbed with the development since he, too, believed, that ''separation was better than enforced togetherness''.

The Rs 60 billion Bajaj group has five brothers looking after the diversified family business, ranging from automobile to electricals.

One of the five brothers, Shishir Bajaj, who runs three companies of the group, wants to split from the family business by off-loading his stake in the companies he is not managing, and getting out of the companies being looked after by his brothers.

The Bajaj group is one of the oldest business groups in the country founded by Jamnalal Bajaj, a freedom fighter. The group has a combined market capitalisation of more than Rs 53 billion.

The other three brothers are Shekhar Bajaj (CMD, Bajaj Electricals), Madhur Bajaj (vice chairman, Bajaj Auto) and Niraj Bajaj (managing director Mukund).

Shishir Bajaj, runs three companies -- Bajaj Hindustan, Bajaj Sevashram and Deccan Ayuravedashram Pharmacy.

UNI

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