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Bajaj Auto is to resume exporting vehicles to Egypt, after the country lifted a three-month ban on import of two- and three-wheelers. The Pune-based company has already begun receiving orders from its distributors in Egypt.
“We understand from our distributors that the new government in Egypt, which has set up a committee, has lifted the ban. Our distributors have started placing orders,” said S Ravikumar, president, Business and the Assurance at Bajaj Auto.
For the Indian company, Egypt is big export market, with it contributing to about 25 per cent of the company’s total three-wheeler exports. However, it is not that a big market for Bajaj Auto’s two-wheelers, with the company’s exports ranging at about 50,000 units per annum.
Bajaj Auto’s distributors have placed orders for 5,500 three-wheelers and about 3,500 motorcycles for June, which is almost in the “normal range”, Ravikumar added.
In February, that country’s cabinet authorised its finance ministry to put a ban on two- and three-wheeler imports to help its automobile industry.
Shares in Bajaj Auto closed up 4.69 per cent at Rs 1,959.20 apiece, on a weak BSE.
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