Industrialist and former chairman of Bajaj Auto, Rahul Bajaj, known for always speaking truth to power and building one of the country’s biggest conglomerates, died in Pune on Saturday at the age of 83.

Bajaj has been admitted to the hospital for a month. He had pneumonia and also suffered from other heart diseases.

“It is with deep sadness that I inform you of the passing of Shri. Rahul Bajaj, husband of the late Rupa Bajaj and father of Rajiv/Deepa, Sanjiv/Shefali and Sunaina/Manish. He passed away in the afternoon of Feb. 12, 2022 in the presence of his closest family members,” a statement from Bajaj Group read.

Born in 1938, Bajaj chaired the 95-year-old Bajaj Group, best known for two-wheeler manufacturer Bajaj Auto and its financial services arm, Bajaj Finserv. Under his leadership, Bajaj Auto’s revenue increased from Rs 7.2 crore to Rs 12,000 crore. He stepped down as president of the company last year and is currently chairman emeritus.

In 2008, he split Bajaj Auto into three units: Bajaj Auto, Bajaj Finserv and a holding company. Bajaj Auto is run by his eldest son Rajiv, while his younger son Sanjiv runs Bajaj Finserv.

Bajaj was considered one of India’s most distinguished business leaders and was respected worldwide for his business acumen and entrepreneurial spirit.

Bajaj was also a former Rajya Sabha MP, former Chairman of Indian Airlines and former Chairman of the Board of Governors of the Indian Institute of Technology Bombay. He has also received numerous awards, including the Padma Bhushan.

Bajaj was an alumnus of Harvard Business School and took over the Bajaj Group in 1968 when he was 30 years old. He was also highly regarded for his contribution to the industry as President of the Confederation of Indian Industry (CII) twice in 1979-80 and 1999-2000.

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