Our Bureau

New Delhi, Sept. 1

MR Rahul Bajaj, Chairman of Bajaj Auto Ltd, said on Thursday that he has reached an in-principle agreement with his younger brother, Mr Shishir Bajaj, over the ownership of companies in the Bajaj group.

"The family settlement has been made. It was settled long ago, but there are some issues relating to capital gains tax that have delayed the process," Mr Rahul Bajaj said on the sidelines of the SIAM Annual Convention.

"According to some rough estimates, we will be paying Shishir Bajaj Rs 180 crore to buy his stake in Bajaj Auto and about Rs 45 crore to a charity he controls," he said.

In addition, Mr Shishir Bajaj will control Bajaj Hindustan Ltd and Bajaj Consumer Care.

On Bajaj Auto's plans to acquire a stake in Maharashtra Scooters Ltd, Mr Bajaj said that the matter has not progressed because the court-appointed arbitrator has not arrived at a decision on the price to be paid.

(This article was published in the Business Line print edition dated September 2, 2005)
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