This will be the first major diversification for the Jamnalal Bajaj-founded, 98-year-old business house since the death of former patriarch Rahul Bajaj in February 2022.
The healthcare business, plans for which are in the initial stages, will be housed in a newly formed company. Nirav Bajaj, head of corporate strategy at Mukand, is overseeing the project and likely to helm the new company, said one of the persons cited. Nirav is the son of Niraj Bajaj, chairman and MD, Mukand, and chairman, Bajaj Auto.
The investment plans for the venture are yet to be firmed up. Instead of ploughing in a large sum in one shot, the group is likely to invest in phases based on milestones the business achieves, said one of the persons. The new venture has set up an office in Mumbai’s Lower Parel, the person added.
The group’s main units include Bajaj Holdings and Investments (group investment firm), Bajaj Auto (2 & 3-wheelers), Bajaj Finserv (financial services, insurance), Mukand Industries (specialty steel, industrials), Bajaj Electricals (consumer appliances) and Hercules Hoist (material handling).
