Maharashtra Scooters Limited becomes subsidiary of Bajaj Holdings
In a long-standing battle between Western Maharashtra Development Corporation Limited (WMDCL), a Government of Maharashtra undertaking, and Bajaj Holding & Investment Limited ( BHIL ) overpricing of equity shares of Maharashtra Scooters Limited ( MSL ) has finally settled, and on June 17, 2019 MSL has become a subsidiary of BHIL. Upon the acquisition of 27% stake of MSL from WMDC, BHIL’s holding has increased to 51% in MSL. In 1975, Maharashtra Scooters Limited was incorporated jointly by Bajaj Auto Limited (BAL) now Bajaj Holding and Investments Ltd post demerger in 2007 and Western Maharashtra Development Corporation Limited to manufacture geared scooters. With a gradual shift in consumer preferences from geared scooters to motorcycle, the company discontinued production of geared scooters in 2006. Currently, the company is engaged in two businesses -- manufacturing of die casting dies, fixtures and die casting components, primarily meant for the automobiles in...