About Maharashtra Scooters Limited (MSL)

Maharashtra Scooters Limited (MSL) was incorporated in 1975 and is based in Pune, India. It is an unregistered Core Investment Company (CIC), not requiring registration with the RBI. As a CIC, at least 90% of its assets are invested in the Bajaj Group, with the balance (accumulated surpluses) placed in debt and other instruments to earn a reasonable return while protecting principal. The Company is now engaged only in the business of investment in securities .

MSL’s registered office is at C/o. Bajaj Auto Ltd., Mumbai-Pune Road, Akurdi, Pune – 411035, and its corporate office is at 3rd Floor, Panchshil Tech Park, Viman Nagar, Pune – 411014.

During FY2025, MSL exited manufacturing. Facing sustained pricing pressure and losses in its tool room operations (pressure dies, fixtures and die casting components), the Board decided on July 22, 2024, not to continue those operations. Subsequently, the Company permanently shut manufacturing and, after due process, transferred the lease-hold rights in its factory land at Satara together with plant and machinery on February 21, 2025, for a reasonable consideration . MSL now retains only one office for administrative purposes.

Geographies: The Company’s operations are India-based; markets served are domestic, with no international operations or exports.

Subsidiaries: The BRSR discloses one holding company (Bajaj Holdings & Investment Limited) and does not list any subsidiaries or associates; the Company has no subsidiaries.

Maharashtra Scooters Limited (MSL) Key milestones:

• Incorporated in 1975, evolving into an investment-focused company.
• Board decision to cease tool room operations on July 22, 2024; manufacturing permanently shut thereafter.
• Transfer of Satara factory lease-hold rights and plant & machinery on February 21, 2025.

Maharashtra Scooters Limited (MSL) Business Segments

• Financial and Insurance Service – Other financial activities: 98% of turnover .
• Domestic vs. International: Exports contribution Nil (International 0%; Domestic 100%).

Maharashtra Scooters Limited (MSL) Key Management

• Sanjiv Bajaj – Chairman
• Sanjay Uttekar – Chief Executive Officer
• Anant Marathe – Chief Financial Officer
• Sriram Subbramaniam – Company Secretary

Latest Updates on Maharashtra Scooters Limited (MSL) 

• Manufacturing exit: The Board decided on July 22, 2024, to discontinue tool room operations; manufacturing was permanently closed thereafter in line with MSL’s CIC objective .
• Asset transfer: Lease-hold rights in the Satara factory land and plant & machinery were transferred on February 21, 2025, after due process and Board approval.
• Workforce rationalisation: Voluntary Separation Schemes were implemented for all factory workers and staff during FY2025; only the CEO and some Finance personnel remain on the rolls.
• Single-segment focus: MSL’s business activity now falls within a single reportable segment—investments.
• AGM and governance: The 50th AGM is scheduled for July 23, 2025; the Board has also recommended appointment of DVD & Associates as Secretarial Auditor for a five-year term, subject to shareholder approval (Board meeting on April 23, 2025).