Separator

Bajaj Auto assimilate 'Bajaj Consumer Finance' as wholly-owned subsidiary

Separator
Bajaj Auto assimilate 'Bajaj Consumer Finance' as wholly-owned subsidiary

Ceo insights Team, 0

Bajaj Auto Ltd. has announced to the exchanges that it will incorporate wholly owned subsidiary of the Company. The wholly owned subsidiary company in the name of “Bajaj Auto Consumer Finance Limited” has been incorporated on 06 December 2021 by the company.
The Board of Directors earlier has approved the incorporation of a captive finance subsidiary(NBFC) of the company in order to the business of solely financing the customers of the products manufactured /marketed by the company and its subsidiaries/ associates.

As per regulatory norms, the wholly owned subsidiary company in India shall carry out business of financing in the field of Automobile and in particular solely for the 2-wheeler, 3-wheeler and light 4-wheeler categories manufactured and/or marketed by Bajaj Auto Limited and/or its subsidiaries/associates.

The new company is believed to strengthen the financing options for its customers, as financing is key to an automobile business. The Proposed Authorized Capital of the new subsidiary is going to be Rs. 100 crore and Proposed Paid up capital will be Rs. 5 crore.

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