Rahul BajajThe man who made two-wheelers a part and aspirational household of every Indian middle class, passed away on February 12. The veteran leader was 83 years old. “Rahul Bajaj passed away at 2.30 pm today. He passed away due to heart and lung problems. He was admitted to Ruby Hall Hospital in Pune for the past one month,” said Dr Parvez Grant, President, Ruby Hall Hospital.
He was at the helm of India’s second largest auto company for more than five decades. Under his strong leadership, Bajaj Auto has carved a niche in the hearts of millions of people in the country. Two-wheelers in India became synonymous with Bajaj between the 1970s and 1990s.
Born in Kolkata on 30 June 1938, Bajaj graduated with an Honors degree in Economics from the prestigious St Stephen’s College, Delhi in 1958. He also did an MBA from Harvard Business School. In 1926, Jamnalal Bajaj, Rahul Bajaj’s grandfather, formed the Bajaj Group of Companies. After finishing his studies, Bajaj took over as the Chief Executive Officer of Bajaj Auto in 1968. Within a few years of his tenure, Bajaj expanded into new businesses including cement, electrical appliances and scooters.
Dream run of Bajaj bike begins…
The Bajaj Group operated a diversified entity during India’s transition from a closed economy to a liberalized economy. The company launched its most iconic scooter Bajaj Chetak and within a few years it has become one of the most preferred two wheelers in the country. The middle-class Bajaj Chetak was a matter of pride for the rising aspirations. And this effort went on for years. The iconic tune of ‘Hamara Bajaj’ advertisement became synonymous with his hopes of a better future in the 1980s-90s.
Very few companies have dominated the market for decades like Bajaj. In the 1950s and 1960s, the Bajaj Group sold three wheeler autorickshaws and mini trucks. In the 1960s, Bajaj set up a plant to manufacture Vespa scooters in collaboration with Piaggio of Italy. From the 1970s, the company became the undisputed leader in the two wheeler market in India.
Bajaj was one of the first companies to launch locally manufactured motorcycles in India in association with Japan’s Kawasaki. Even as the demand for scooters waned in the late 1990s, Bajaj shifted gears and moved to stay relevant. Under his leadership, Bajaj Auto’s business grew from just Rs 7.2 crore to Rs 12,000 crore, with the firm’s scooters becoming the mainstay.
Known for his ‘clear and fearless’ nature, Rahul Bajaj was indeed an icon who shaped the two wheeler industry. He never shied away from clarifying his position on policy relating to industry and others. Remembering him, Mahindra Group Chairman Anand Mahindra wrote, “I stand on the shoulders of giants. Thank you, Rahulbhai, for letting me climb on your broad shoulders, for mentoring me, for encouraging me, for encouraging me to be bold.”
Rahul Bajaj twice served as the President of the Confederation of Indian Industry (CII), once in the Society of Indian Automobile Manufacturers (SIAM). Bajaj also as the chairman of the then Indian Airlines. In 2001, Rahul Bajaj was awarded the Padma Bhushan, the country’s third highest civilian honour. He was also a former President of the International Business Council, the World Economic Forum, and a former member of the South Asia Advisory Board of Harvard Business School.
According to Forbes India’s list of the 100 richest people in 2021, the Bajaj family had a net worth of $14.4 billion. The Bajaj family was also ranked as the 12th richest family in India.
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