New Delhi: The Confederation of Indian Industry (CII) mourned the passing away of eminent industrialist Rahul Bajaj on Saturday, describing him as a "towering leader" and said the country has lost one of its tallest industry leaders. Bajaj held the position of CII President twice between 1979/80 and 1999/2000. Rahul Bajaj was a towering leader for Indian industry and his sad demise leaves a huge void in our business ecosystem and India has lost one of its tallest leaders in industry," said T V Narendran, President, CII.
Eminent industrialist and former chairman of the Bajaj Group, Rahul Bajaj passed away on Saturday due to illness at his home in Pune, according to a group official. Bajaj (83), who stood down from his position of non-executive director and chairman of Bajaj Auto on April 30 last year and remained as the Chairman Emeritus, was not keeping well for some time and passed away at around 2:30 pm on Saturday. "His (Bajaj's) ideas and philosophies shaped the contours of Indian businesses especially for the past four decades," Narendran said.
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The CII President highlighted that under Bajaj's stewardship, the first codification of corporate governance norms in the country happened way back in 1998, well before any regulation or law came into being in this important space. Narendran further said Bajaj spoke for globalization and was a strong and influential proponent for connecting Indian businesses globally.
"The initiatives he (Bajaj) took to take his company global were an inspiration for all entrepreneurs and he built the India brand in his own way," the CII President said, and added that his demise is a deep loss to Indian industry as he was "our mentor, guide and lodestone in doing business." "I am sure that the ideas that he propounded for good corporate citizenship will stand as a role model and paradigm for industry to continue to follow in his steps," Narendran said.
Bajaj is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj, and a daughter Sunaina Kejriwal. Born on June 10, 1938, he headed the Bajaj Group of companies which have presence across segments such as automobiles, general and life insurance, investment and consumer finance, home appliances, electric lamps, wind energy, special alloy and stainless steel, material handling equipment and travel.
PTI
