Bajaj Group is an Indian multinational company which is one of the oldest and largest conglomerates of India.
The group comprises of 34 companies with around 36,000 employees across businesses such as two- and three-wheelers, insurance and steel, home appliances, travel and finance, etc. Its flagship company Bajaj Auto ranks as the world's fourth-largest two- and three-wheeler manufacturer. Some of the other notable companies are Bajaj Finserv Ltd, Hercules Hoists Ltd, Bajaj Electricals, Mukand Ltd, Bajaj Hindusthan Ltd, and Bajaj Holding & Investment Ltd.
The Group’s total revenues stood at $7.3 billion, with a market capitalization of about $14.6 billion.
History And Origin of Bajaj Group
The Bajaj Group of Companies was founded by Jamnalal Bajaj in 1926.
Jamnalal Bajaj was a freedom fighter and a philanthropist, a close confidante of Mahatma Gandhi. He took the novel step of using business to serve society. His endeavors were taken forth and developed by his sons Shri Kamalnayan Bajaj, Ramakrishna Bajaj, and further by his grandson Shri Rahul Bajaj; who are responsible for blossoming the Group and nurtured it to the marvelous stature that it occupies today.
Bajaj started its business by setting up a sugar factory in Lakhimpur Kheri of Uttar Pradesh, which was one among the only 30 sugar mills that established the endowment of the sugar industry in India. Today, Bajaj Hindusthan Sugar Ltd is Asia's number one sugar manufacturing company and rank globally among the top four.
Jamnalal Bajaj strongly believed that common good was more important than individual gain.
Flagship Companies of Bajaj Group
Bajaj Auto Ltd.
Bajaj Auto manufactures two-wheelers and three-wheelers and is headquartered in Pune, Maharashtra.
In 1945, Bachraj Trading Corp. Pvt.Ltd.,now known as Bajaj Auto Ltd. was founded. Its activity was focused on the selling of foreign motorcycles and auto-rickshaws on the territory of India. In 1959, it was licensed from the government to manufacture two-wheelers and three-wheelers in India. Rahul Bajaj, the son of Kamalnayan Bajaj, later became the head of the Bajaj group in 1965.
Since the year 1995, Bajaj manufactured more than a million vehicles per year. Nowadays, Bajaj sells its motorcycles, bajaj automobiles, and auto-rickshaws in more than 50 countries of the world and it can compete on the market due to the low prices for its vehicles.
Bajaj Allianz Life Insurance Co. Ltd
Bajaj Allianz Life Insurance is a private general insurance company by Bajaj Group. It is a joint venture between Bajaj Finserv Limited and Allianz SE, a German financial services company; where Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz SE.
In 2001, Bajaj Allianz General Insurance received an Insurance Regulatory and Development Authority of India (IRDAI) certificate of registration which allowed it to conduct general insurance business, including health insurance, in India.
In January 2014, the company announced it would open up all-women branches.
Bajaj Finserv Ltd.
Bajaj Finserv Limited is a part of Bajaj Holdings & Investments Limited. It is a financial services company by Bajaj which focuses on lending, asset management, wealth management, and insurance. It is a consumer-focused company that emphasizes on profitable growth and operational efficiency to deliver the best results to all its stakeholders.
Bajaj Finserv won the CIO 100 Innovation Award for two innovations - EMI Card and Flexisaver, for exemplifying the highest level of operational and strategic excellence in information technology (IT).
Bajaj Electricals Ltd.
Bajaj Electricals is an Indian consumer electrical equipment manufacturing company based in Mumbai, Maharashtra. is an Indian consumer electrical equipment manufacturing company based in Mumbai, Maharashtra. It has diversified with interests in lighting, luminaries, appliances, fans, LPG based Generators, engineering, and projects. Its main domains are lighting, consumer durable, engineering, and projects.
It was incorporated on 14 July 1938 under the Indian Company Act, 1913 as a public company limited.
Bajaj Finance Ltd.
Bajaj Finance is a bajaj group subsidiary of Bajaj Finserv. It is a non-banking financial company that deals with Consumer Finance, SME (Small and Medium-sized Enterprises) and Commercial Lending, and Wealth Management. The company has 294 consumer branches and 497 rural locations with over 33,000+ distribution points, with headquarters situated in Pune, Maharashtra.
Hercules Hoists Ltd.
Hercules Hoists is a manufacturer of material-handling equipment. The company sells its products under the brand name Indef.
Incorporated in the year 1962 with technical and financial collaboration from Heinrich de Fries GmbH, Germany; it is a Small Cap company (having a market cap of Rs 304.80 Crore) operating in the Industrial Consumables sector.
Hind Musafir Agency Ltd.
Hind Musafir Agency Ltd. (HMA) is a full service, IATA certified travel agency. A part of the Bajaj Group of companies, it is in the business with over 50 years of experience. HMA is also recognized by the Department of Tourism (DOT) India and is a member of "The Travel Agents Association of India (TAAI) and "Pacific Asia Travel Association" (PATA). HMA also has in place a strong IT backbone with an AMADEUS enabled system for online Air Bookings.
Mukand Limited is a multi-division company involved in the business of Manufacturing Steel and Industrial Machinery. Incorporated in 1937 in Mumbai, it manufactures stainless steel, alloy steel, stainless steel billets, exporter of hot-rolled bars.
Today, Mukand Limited is a leading supplier of alloy steel to the automobile and auto component industry and a leader in the manufacture of high-grade stainless steel in India.
Bajaj Holdings and Investment Ltd.
Bajaj Holdings and Investment Ltd. is a non-banking financial company that is primarily an investment company. The Company focuses on generating long-term capital appreciation. It also provides strong financial, managerial, and operational support to its group companies. Bajaj Auto Holdings Ltd. is a subsidiary of the Company. It is headquartered in Pune.
Corporate Social Responsibility(CSR)
The CSR Policy of Bajaj Group involves various welfare activities that are guided by the concept of trusteeship in business. It is the group’s philosophy that the true and full measure of growth, success, and progress lies beyond the balance sheets or conventional economic indices.
The social and welfare objectives of the Bajaj Group are being fulfilled through the many Trusts and Foundations it has established spending up to 100 million (US$1.4 million) every year.
The major CSR areas of Bajaj Group are Health, Women Empowerment, Education, Rural Development, Environment & Natural Resources and, Self- Reliance.
For Indian society, Bajaj Group is more than a corporate identity. It is an incentive for social empowerment. It offers an extensive range of products and services, now standing tall in the Corporate World.