Very close to finalizing a ‘very promising alliance’: Rajiv Bajaj
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Rajiv Bajaj, managing director at Bajaj Auto Ltd, on Thursday said the firm is looking at an alliance, and will probably make an announcement in one or two weeks.
“We are very close to finalizing a very promising alliance. It’s not certain that it will happen, but if it happens, it will open up enormous possibilities for the company,” Bajaj told shareholders at the company’s annual general meeting (AGM).
Bajaj said that the addition of another brand will help the company shore up its portfolio.
S. Ravikumar, president, business development and assurance, at Bajaj Auto, said, “I cannot say anything beyond what has been said at the AGM.” He declined to name the firm Bajaj is in talks with.
Bajaj’s statement comes amid reports of Volkswagen Group’s Ducati being up for sale. KTM-Sportmotorcycle AG, in which Bajaj Auto has about 48% equity stake, is said to be closing in on the Ducati brand, an Italian news website reported on Wednesday.
The buyout, for which iconic US motorcycle maker Harley-Davidson, among others, is also in the fray, is expected to close in the next week to 10 days, it said. Volkswagen bought Ducati for 860 million euros in 2008.