Rahul Bajaj who passed away on 12 February 2022 was an Indian billionaire businessman and Chairman Emeritus of the Indian Conglomerate, Bajaj Group. A successful entrepreneur and philanthropist, he was an inspirational legend, who built his company’s brands, and Brand India. He was also a Rajya Sabha member (2006-2010).
Rahul spoke his mind; was unwilling to bend rules; believed in the Make in India story and was an icon who shaped the two-wheeler industry. He demanded a level playing field for domestic industry while competing with global players. Though not against competition, he refrained from giving stakes to foreign players.
Upright and outspoken he called a spade a spade, even if it meant ruffling feathers in government. When it came to national interest or echoing corporate India’s woes, he could be brutally frank.
Rahul spear-headed the CSR activities and charitable trusts of the Bajaj group of companies, among the oldest, with 25 companies, employing about 36,000.
people with a massive turnover of over 280 billion, including the Jamnalal Bajaj Foundation.
Born to Kamalnayan and Savitri in Kolkata, he was the grandson of Indian freedom fighter, Jamnalal Bajaj. In the 1870s, Seth Bachhraj had built a successful merchant business, which on his death in 1906, his 17-year old adopted grandson Jamnalal took over, building a successful cotton trading business.
Kamalnayan succeeded him in 1942. Within three years he expanded into new businesses, including cement, electrical appliances and scooters. In 1945, the Bajaj Auto Company formed to manufacture scooters, went on to become the market leader.
Rahul, graduating in BA Economic Honours from St. Stephen’s College, University of Delhi, law from Bombay University, and an M.B.A from Harvard Business School, Boston, U.S.A., took over as CEO, the Bajaj Group in 1968 at the age of 30.
He transformed it into a global juggernaut, surpassing the billion-dollar milestone in less than a decade. He then led the turnover of the group’s flagship company, Bajaj Auto, from 7.5 crore to 12,000 crore with the Bajaj Chetak scooter being the main growth driver.
He diversified into group activities, including manufacture and sale of motorised two, three, and fourwheeled vehicles, general and life insurance, investment and consumer finance, home appliances, electric lamps, wind energy, special alloy and stainless steel, material handling equipment and travel.
It is to Rahul’s credit that he managed the transition to the liberalised era. He helped find foothold in global markets while warding off emerging competition from Japanese motorcycle makers like Honda who challenged the Bajaj Auto’s scooters in the late 1990s. During the 80s and 90s, Bajaj two-wheelers were the popular mode of middle class.
He was the President of the Confederation of Indian Industry (CII) for two terms—1979-80 and 1999-2000 and also President of the Society of Indian Automobile Manufacturers (SIAM). He was also the Chairman, Indian Airlines 86-89; Chairman of the Board of Governors, IIT Bombay; Chairman: International Business Council, and World Economic Forum, etc.
He received the Padma Bhushan, in 2001, the CII President’s Award for Lifetime Achievement in 2017; the French government’s prestigious Order of the Legion of Honour, the Alumni Achievement Award from Harvard Business School and the Lifetime Achievement Awards from Economic Times, CNBC TV18 and Ernst & Young and Honorary Doctorates from 7 Universities.
In 2013, the Bajaj family won the Distinguished Family of the Year award, for dedicating their wealth and time for the public good. In February 2022, it was ranked at 369 on the Forbes list of the world's billionaires with a net worth of USD 9.1 billion.
Rahul, died of cancer, aged 83 and was cremated with full state honours. While Indian business genuflected in front of the powers that be, Bajaj stood tall. Today Indian business has lost its conscience keeper. He was Master of the rough road.