India’s second largest two-wheeler manufacturer Bajaj Auto has raised its stake in Austrian bike maker KTM to 38.09 percent. "Bajaj Auto International Holdings BV Netherlands (BAIHBV), a 100 per cent subsidiary of Bajaj Auto Ltd, purchased further 2,44,600 shares in KTM Power Sports AG (KTMPS) on November 3, 2010," the domestic firm said in a statement.
Bajaj Auto is the second-largest shareholder in KTM. The largest shareholders — Stefan Pierer and Rudolf Knuenz hold more than 51%. Bajaj Auto and KTM are working on joint development projects. The first of the co-developed products KTM Duke 125 will hit the European market in 2011. The launch of a KTM product suitable for India is planned in the second half of 2011, the company said in a statement.
Earlier Bajaj and KTM had agreed on joint development of-125cc and 250cc water-cooled engines. The first co-developed product, the KTM Duke 125 is expected to hit the European markets in 2011.
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