Bajaj Auto has signed a perpetual lease deal for a property in Chakan, covering an area of 7.63 lakh square metres for a total consideration of ₹53.4 crore.
The 95-year lease has been signed with the Maharashtra Industrial Development Corporation, documents accessed by platform Propstack showed.
Bajaj Auto has several expansion plans for its electric vehicles segment.
Bajaj Auto has already signed a land lease agreement with MIDC and has completed some construction. The latest agreement grants a perpetual lease to the company. Perpetual leases operate almost on the same basis as a sale agreement giving the tenant almost the same rights as an owner. There is a token rent amount of one rupee that will be paid.
Bajaj Auto already has a manufacturing unit in Chakan, on land provided by MIDC, where it manufactures a range of Bajaj motorcycles, including Pulsar, Avenger, KTM and, Kawasaki Ninja.