Mumbai, Nov 3 (IANS) Bajaj Auto’s Netherlands subsidiary Wednesday raised its stake to 38.09 percent in KTM Power Sports AG.
‘Bajaj Auto International Holdings BV Netherlands (BAIHBV), a 100 percent subsidiary of Bajaj Auto Ltd, purchased further 244,600 shares in KTM Power Sports AG (KTMPS) on Nov 3,’ the company said in a statement.
In 2007, Bajaj Auto had picked up a 14.5 percent stake in KTM to gain engine technology and a distribution network in Europe. The current purchase takes the total shareholding of BAIHBV in KTMPS to 38.09 percent.
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.
‘Launch of a KTM product suitable for India, from this joint development is planned for second half (H2) of 2011,’ the statement said.
The bike is expected to come into India by mid-2011.
KTM manufactures sports and off-road bikes from sub-100cc to almost 1,000cc engine category.