An industrial powerhouse in India, grandson of well-known freedom fighter Jamnalal Bajaj, Rahul Bajaj passed away at the age of 83 last week. More than his contribution to the industry and beyond, Bajaj was known considered a larger-than-life figure. He inherited a small business of scooters, cement and electrical appliances from his father Kamalnayan Bajaj in 1968 and eventually turned Bajaj Auto into one of the most popular two-wheeler brands in the country.
It was during his tenure that Bajaj Chetak was rolled out and it instantly shot to fame that made it bigger than just a two-wheeler for transport. It was a matter of pride for many families.
Rahul Bajaj’s role in creating this image was immense. By 1991, Bajaj Auto was selling one of out of every two two-wheeler bought in India. It became the world’s second-largest scooter manufacturer and the fourth-largest private company in the country.
These facts began to change with the onset of globalisation and liberalisation. Bajaj was vocal in his criticism on how sudden it was for Indian companies to be exposed to competition from MNCs with greater tech and larger capital, having evolved in a capital-scarce market with curbs on import of technology. The man also had several critics.
It did not take too long of the world’s largest two-wheeler manufacturers like Honda, Suzuki and Yamaha to rush to India’s emerging market, that led to Bajaj Auto’s sales decline. The customer now preferred motorcycles. So soon enough, Rahul Bajaj turned around Bajaj Auto towards the road to recovery as a motorcycle manufacturer.
His sons, Rajiv Bajaj and Sanjiv Bajaj, had been polished to take the legacy forward by the early 2000s. While Rajiv Bajaj took over Bajaj Auto, Sanjiv Bajaj built Bajaj Finserv from ground up. Cut to now, and both businesses are doing well long after Rahul Bajaj stopped playing an active role in operations.
