Bajaj Auto shares rise nearly 3% on partnership with Triumph Motorcycles
Shares of Bajaj Auto gained by nearly 3% post the announcement that the two-wheeler company will enter a global partnership with Triumph Motorcycles UK.
- Bajaj Auto and Triumph Motorcycles enter into global partnership
- Shares of Bajaj Auto went up by nearly 3%
- Partnership will enable Triumph to significantly expand its global reach
Bajaj Auto and Triumph Motorcycles announced that they are entering into a new global partnership. The companies will enter into a non-equity partnership to expand their reach in emerging markets.
The shares of Bajaj Auto were up by nearly 3% after the announcement of the deal. Bajaj Auto shares rose up by 2.89% or Rs 83.60, at Rs 2,973,60 per piece 12:47 hours on BSE. On NSE it was up by 2.51% or Rs 72.40, at Rs 2,961.65 per piece at 12:49 hours.
The objective of this non-equity partnership is to deliver a range of outstanding mid-capacity motorcycles benefiting from the collective strengths of both companies, Bajaj Auto said in a statement.
“We hope to bring to bear upon global markets the individual strengths of the partners including brand position and perception, design and development technology, quality and cost competitiveness, and worldwide distribution,” said the company.
This new global partnership will enable Triumph to significantly expand its global reach by entering new higher volume market segments, especially within the emerging markets across the world.
Bajaj Auto, on the other hand, will gain access to the iconic Triumph brand and its motorcycles, enabling it to offer a wider range of motorcycles within its domestic market and other international markets.
“Triumph and Bajaj are excited by the opportunities of this partnership and the prospect of entering new market segments, thereby reaching a whole new group of motorcyclists across the world,” said Bajaj Auto.
The company said that they will provide further details in due course in time.