Pune-based two and three-wheeler manufacturer Bajaj Auto has formed a new and separate subsidiary to manufacture electric and hybrid vehicles, the company informed BSE in a statement.
In the statement, it said the Board of Directors at its meeting held on Thursday had approved the incorporation of a wholly-owned subsidiary of the company. However, the company name is subject to the approval of the Ministry of Corporate Affairs.
The wholly-owned subsidiary will leverage the growth opportunities in the evolving mobility space and help the company venture into the manufacturing of electric and hybrid vehicles in the 2-wheeler, 3-wheeler and light 4-wheeler categories.
The two-wheeler major has already launched an e-scooter under the name of its famous brand name Chetak. At present, it is expanding in major cities. It aims to expand to 22 cities by the end of this year.
Apart from this company has also invested $8 million in micro-mobility start-up Yulu.