'Group is sitting on cash of Rs 29,000 cr'

The Bajaj Group is sitting on a cash reserve of Rs 29,000-crore, its patriarch Rahul Bajaj said on Saturday.

“The Bajaj Group is sitting on a cash reserve of Rs 29,000-crore. We are a conservative company when it comes to spending money, but we are happy with it,” its patriarch and member of the Rajya Sabha, Rahul Bajaj, said at an event held at the Indian Merchants’ Chamber here. Of the Rs 29,000-crore, the holding company has a cash reserve of Rs 23,000-crore, Bajaj Auto Rs 5-6-crore and Bajaj Finserv Rs 2,000-crore.

The group’s market cap was Rs 60,000-crore, he said. Asked about the country’s gross domestic product (GDP) growth in this financial year, Bajaj said with a good monsoon this year, GDP growth looked positive at 8.5 per cent.

“The country will continue to grow by at least 8.5 per cent, unless there is some adverse condition that will restrict it,” he said.