Bajaj Auto To Form Separate Subsidiary For Electric Vehicle Business

red motor scooter near wall
Photo by Cátia Matos on

Estimated Reading Time: 1 minutes

Bajaj Auto will be setting up a separate wholly owned subsidiary that will cater to electric vehicles. In a statement, the company informed Bombay Stock Exchange that the board of directors have approved incorporation of a wholly owned subsidiary at the meeting held recently.

The statement mentioned that the wholly owned subsidiary will leverage the growth opportunities in the evolving mobility space and will help the company venture into the manufacturing of electric and hybrid vehicles in the two, three and four wheelers category.

The name of the entity is being finalised and is subject to approval with the Ministry of Corporate Affairs. The subsidiary is likely to have a proposed authorized capital of Rs 100 crore

Recently, the central and state governments have announced a lot of tax benefits for EVs. The company currently sells Chetak scooter and has announced the launch of electric three wheelers and quadricycles in 2021-2022. Alternatively, Bajaj Auto’s premium bike brand KTM is also working on a range of electric motorcycles, which may be introduced in India.

ALSO READ  Volvo Cars To Open New 700-Job Tech Hub In Stockholm

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.