Bajaj Group History

The Bajaj Group began in 1926, and its history covers the growth of businesses in automobiles, financial services, electrical products, insurance, speciality steel, and engineering. Its development reflects decades of restructuring, partnerships, acquisitions, manufacturing expansion, and family-led management in India.

• Jamnalal Bajaj founded the Bajaj Group in 1926.
• The group is headquartered in Mumbai and comprises 37 companies.
• Its businesses cover automobiles, finance, insurance, electrical products, steel, and engineering.
• Major companies include Bajaj Auto, Bajaj Finserv, Bajaj Finance, Bajaj Holdings & Investment, Bajaj Electricals, and Mukand.
• Its well-known brands include Pulsar, Chetak, Avenger, Platina, Bajaj appliances, and Bajaj Allianz insurance.
• Gandhian ideas of trusteeship, ethics, and social responsibility have influenced the group since its early years.
   

The Bajaj Group was founded by Jamnalal Bajaj in 1926 and is headquartered in Mumbai. It has interests in automobiles, financial services, insurance, electrical products, speciality steel, and engineering.
The group comprises 37 companies. Bajaj Auto is its flagship company and is one of the world’s major manufacturers of two-wheelers and three-wheelers.
Jamnalal Bajaj was closely associated with Mahatma Gandhi and India’s freedom movement. His ideas about trusteeship, ethical business, and social responsibility shaped the group’s business philosophy.
Different members of the Bajaj family have led its businesses over the years. These include Rahul Bajaj, Shekhar Bajaj, Madhur Bajaj, Niraj Bajaj, Rajiv Bajaj, Sanjiv Bajaj, and Kushagra Bajaj.
 

The Bajaj Group operates through separate companies working in different industries.

• Automobiles: Bajaj Auto
• Financial services: Bajaj Finserv and Bajaj Finance
• Investments: Bajaj Holdings & Investment
• Electrical products: Bajaj Electricals
• Speciality steel and engineering: Mukand
• Material-handling equipment: Indef Manufacturing under the Bajaj Indef brand
• Insurance: Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance

The Bajaj Group began in 1926 as a trading business. Over time, it expanded into manufacturing, steel, automobiles, electrical products, financial services, insurance, and engineering.
Bachhraj Trading Corporation was established in 1945. This business later developed into Bajaj Auto and expanded into scooters, motorcycles, and three-wheelers.
Mukand was incorporated in 1937. Jamnalal Bajaj acquired Mukand Iron & Steel Works in 1939, and the company was renamed Mukand Ltd in 1989.
In 2007, the former Bajaj Auto structure was reorganised through a demerger. This created three separately focused companies:

• Bajaj Auto for automobiles
• Bajaj Finserv for financial services
• Bajaj Holdings & Investment for investments

The group also entered international partnerships. One example is Bajaj Auto’s relationship with Austrian motorcycle company KTM.
These restructurings and partnerships helped the businesses focus on their industries, adopt new technologies, and enter new markets.
 

The Bajaj Group’s main companies operate in automobiles, finance, investments, electrical products, steel, and engineering.

1. Bajaj Finance Ltd

Bajaj Finance is a non-banking financial company that provides loans, fixed deposits, payment services, insurance distribution, and investment-related products.

Its services cover retail customers, small and medium-sized businesses, commercial customers, and rural markets.

FY2024-25 key figures:

• Assets under management: ₹4,16,661 crore
• Customer franchise: 10.18 crore
• Profit after tax: ₹16,779 crore
• Return on equity: 19.2%

For example, a customer may use Bajaj Finance for a consumer loan, business loan, fixed deposit, or investment service.

2. Bajaj Finserv Ltd

Bajaj Finserv is the holding company for the group’s financial services businesses. It was formed after the 2007 demerger.

Its businesses include consumer finance, life insurance, general insurance, investment management, and wealth-related services.

Bajaj Finserv holds a controlling stake in Bajaj Finance. It also participates in the group’s insurance businesses through joint ventures with Allianz.

Bajaj Finserv and Bajaj Finance are different companies. Bajaj Finserv is the broader holding company, while Bajaj Finance is the lending and deposit-taking NBFC.

3. Bajaj Auto Ltd

Bajaj Auto manufactures motorcycles, electric scooters, and three-wheelers. Its recognised brands include Pulsar, Avenger, Platina, Chetak, and RE three-wheelers.

The company serves more than 70 countries. It also works with international motorcycle businesses, including KTM.

These partnerships support technology sharing, product development, and access to overseas markets.

4. Bajaj Holdings & Investment Ltd

Bajaj Holdings & Investment was formed during the 2007 demerger.

It holds investments in group companies, including Bajaj Auto and Bajaj Finserv. Its income mainly comes from dividends and returns earned on its investment portfolio.

In simple words, it is an investment company that owns important stakes in other Bajaj businesses.

5. Bajaj Electricals Ltd

Bajaj Electricals operates in consumer products and lighting.

Its product categories include:

• Fans
• Water heaters
• Air coolers
• Kitchen appliances
• Irons and garment steamers
• Cookware
• Consumer and professional lighting

The company sells its products through retail stores, distributors, and online channels. Its brands also include Nirlep and Morphy Richards.

6. Mukand Ltd

Mukand manufactures speciality steel and industrial machinery. Its operations include alloy steel, stainless steel, and heavy engineering.

The company produces alloy steel at Hospet, Karnataka, and stainless steel at Thane, Maharashtra.

Its products are used in automobiles, engineering, capital goods, energy, and infrastructure.

For example, an automobile company may use Mukand’s steel to manufacture engine, transmission, steering, or bearing components.

7. Hercules Hoists Ltd

Hercules Hoists was historically associated with the group’s material-handling equipment business.

Following a demerger in 2024, the manufacturing business was transferred to Indef Manufacturing Limited. Hercules Hoists now mainly manages investment activities.

Indef Manufacturing produces hoists, cranes, and lifting equipment under the Bajaj Indef brand.

For example, a factory may use a hoist to lift machinery or move heavy materials.

The Bajaj Group has expanded through acquisitions, joint ventures, mergers, and international partnerships.

Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance

The Bajaj Group partnered with Allianz SE to establish life and general insurance businesses in India.

Bajaj Allianz Life Insurance provides life insurance products. Bajaj Allianz General Insurance offers health, motor, travel, home, and other general insurance products.

Nirlep Appliances

Bajaj Electricals acquired Nirlep Appliances in 2018.

Nirlep is mainly known for non-stick cookware and cooking products. The acquisition gave Bajaj Electricals access to its manufacturing operations, distribution network, employees, and intellectual property.

Mukand Sumi Special Steel

Mukand entered a joint venture with Sumitomo Corporation of Japan for its alloy-steel business.

The partnership combined Mukand’s manufacturing knowledge with Sumitomo’s international experience and market reach.

The business produces alloy-steel wire rods and bars used in automobiles, bearings, energy, and engineering.

Starlite Lighting Ltd

Bajaj Electricals had invested in Starlite Lighting, which manufactured lighting products.

Starlite Lighting was later merged into Bajaj Electricals. Therefore, it should be treated as a past investment and merger rather than a current separate group company.

The Bajaj Group has recognised brands in automobiles, electrical appliances, cookware, lighting, and insurance.

1. Bajaj Pulsar motorcycles

Bajaj Pulsar was launched in 2001. It became known for sporty styling and everyday use.

The Pulsar range includes motorcycles with different engine capacities and features.

2. Bajaj Chetak electric scooter

The Chetak name returned as an electric scooter in 2020.

Different variants offer different batteries, features, and certified ranges. For example, the Chetak 35 Series announced in December 2024 offered a claimed range of up to 153 km under specified test conditions.

3. Bajaj ceiling fans

Bajaj Electricals sells ceiling fans for homes, offices, and commercial spaces.

Its range includes standard, decorative, energy-efficient, and lifestyle fans. Models differ in blade size, airflow, power use, controls, and design.

4. Bajaj irons

Bajaj Electricals offers dry irons, steam irons, and garment steamers.

A dry iron uses a heated soleplate, while a steam iron releases steam to remove wrinkles. A garment steamer is generally used on hanging clothes.

5. Bajaj mixer grinders

Bajaj Electricals offers mixer grinders, juicers, hand blenders, and related kitchen appliances.

Mixer grinders are used for grinding spices, making chutneys, preparing pastes, and blending ingredients.

6. Bajaj Allianz insurance

Bajaj Allianz operates through:

• Bajaj Allianz Life Insurance
• Bajaj Allianz General Insurance

Their products cover life, health, motor, travel, home, and other insurance needs.

7. Bajaj Platina motorcycles

Bajaj Platina is a commuter motorcycle brand offered by Bajaj Auto.

It is designed mainly for regular city and everyday travel. It should not be confused with “Bajaj Platini”, which is not supported as a current Bajaj Electricals fan range.

8. Bajaj Avenger motorcycles

Bajaj Avenger is a cruiser-style motorcycle range.

Its design focuses on a low seat and relaxed riding posture, making it suitable for riders who prefer cruiser styling and comfortable city or highway riding.

The Bajaj Group has grown from a trading business founded in 1926 into a diversified group comprising 37 companies. Its businesses now cover automobiles, financial services, insurance, electrical products, speciality steel, investments, and industrial engineering.
Companies such as Bajaj Auto, Bajaj Finserv, Bajaj Finance, Bajaj Holdings & Investment, Bajaj Electricals, and Mukand represent its major business areas. Its history reflects expansion through manufacturing, restructuring, partnerships, acquisitions, and mergers, guided by the ethical and social principles associated with Jamnalal Bajaj.