No succession plans for sons: Bajaj

Denying that he was charting out succession plans for his two sons, Bajaj Auto chairman Rahul Bajaj said today that work was being divided between the two brothers - Rajiv and Sanjiv - for operational efficiences.

"There are no succession plans," Bajaj said. He, however, promptly added that "work has to be divided" between the two brothers.

Bajaj said the Rs 6,500 crore, cash-rich company was also looking at a demerger to carve out a separate investment company.

He said the group's other company - Bajaj Auto Finance - will be raising up to Rs 950 crore through equity shares, debentures and warrants.

Earlier in March, Bajaj Auto had decided to elevate Rajiv - the elder of the two- to the post of managing director for a five-year term w.e.f April 1, 2005. As part of his new responsibilities, Rajiv was entrusted with handling production, marketing, supply chain, manufacturing and production engineering.

Sanjiv, executive director (finance) of Bajaj Auto manages the company's international operations and exports, finance, costing, legal services and treasury operations. He is also on the board of directors of Bajaj Auto Finance.