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Bajaj Auto is set to buy a majority stake in Austrian premium motorcycle manufacturer KTM AG, the company announced through a stock market disclosure on Thursday, May 22.
“Bajaj Auto International Holdings BV (BAIHBV) has arranged a debt funding package of €800 million to enable the continuity of the KTM business by paying off the approved quota to the creditors in furtherance of KTM’s debt restructuring with the approval of the competent Court in Austria and infusing funds into the company to revive its operations and working capital cycle,” the compsany said in a regulatory filing.
Out of this €800 million debt package, €200 million has already been infused into the company so far, Bajaj Auto said.
With this action and post requisite approvals coming through, Bajaj will shift gears from being a dormant minority investor to a majority owner in the global KTM company.
The company will continue to accelerate KTM business that is run out of India under the joint development programme, where it develops, makes and sells in India as well as exports to 80 countries across the KTM network, it added.
Shares of Bajaj Auto closed at Rs 8,733.8 per share, up 0.48 per cent on BSE today, May 22.
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