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Bajaj Auto To Set Up Dedicated Wholly Owned Subsidiary To Build Electric Vehicles
Bajaj Chetak 2.0 (Pic via Twitter)
Auto sector-major Bajaj Auto has decided to set up a dedicated wholly-owned subsidiary to handle its electric vehicle (EV) business. It aims to build a dominating presence in the nascent but promising space, reports The Economic Times.
The company's executive director Rakesh Sharma said that even though the same set of operations the company will handle has not been finalised, Bajaj Auto felt that it needed a separate company that could focus exclusively on building EVs.
Sharma added that the move would give Bajaj Auto the freedom to enter into partnerships, engage in discussions in an agile manner, manage the workforce and have a single-minded focus on the category, which in a larger organisation can sometimes get diffused.
The proposal for the new subsidiary was approved by the company's board yesterday (22 July). In a customary exchange filing, the company said that the subsidiary would help the company venture into the manufacturing of electric and hybrid vehicles in the two, three and four-wheelers category.
In December last year, Bajaj Auto said that it was building a new Rs 650 crore plant at Pune's Chakan to make EVs and high-end motorcycles under the KTM and Triumph brands. The facility is expected to be operational by 2023.
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