Rahul Bajaj passes mantle to son, to resign on March 31

Though there have been speculations about his stepping down from the managing director’s post, this time around Bajaj himself confirmed that he would be stepping down. Elder son Rajiv, who is currently the joint managing director, would take over the responsibility of running operations full-time from April 1 this year.

Meanwhile, sources said the day-to-day operations of the company would henceforth be mostly managed by Bajaj’s two sons — Rajiv and Sanjiv.

As the new MD, Rajiv Bajaj will be in charge of operations including production, marketing, supply chain, manufacturing and engineering.

Younger brother Sanjiv, an MBA from Harvard University, would head the international business, marketing and other functions like finance, treasury, costing, secretariat and legal aspects.

Interestingly, Bajaj had started the succession process almost two years ago. At the annual general meeting in September last year, Bajaj had told shareholders that it’s time the company was run by younger people ready to accept the challenge of driving Bajaj Auto to greater heights.

‘‘The old order changeth… without much fanfare, the management of your company has moved to the hands of younger people… I was given charge of your company when I was 30. Therefore, I see every reason why younger people should take over the mantle,’’ Bajaj said.

A few eyebrows were raised on the inclusion of both sons followed by son-in-law Manish Kejriwal — who was with McKinsey & Co before moving to India from Singapore as managing director of investment firm Temasek Holdings Advisors Ltd — on the board of Bajaj Auto.

The 67-year old industrialist had sometime ago also expressed a desire to be in the Rajya Sabha. However, he was clear that active politics was not something he would choose at this age. ‘‘I don’t mind if the government nominates me to the Upper House,’’ Bajaj had told The Indian Express.

Bajaj also continues to represent Indian entreprenuers at various fora, both national and international. In fact, he is a permanent fixture at the prestigious World Economic Forum conclave in Davos, Switzerland.