Bajaj Auto Ltd announced on Wednesday the successful acquisition of a majority stake in Austrian motorcycle manufacturer KTM, following the receipt of necessary approvals from European regulators for its €800-million transaction.
As part of the acquisition, Bajaj Auto has renamed Pierer Bajaj AG (PBAG) to Bajaj Auto International Holdings AG and has changed the name of PIERER Mobility AG (PMAG)—the holding company of KTM AG, whose shares are listed on the SIX Swiss Exchange in Zurich and the Vienna Stock Exchange—to Bajaj Mobility AG.
Earlier this month, Bajaj Auto reported that it had received eight out of nine regulatory approvals, with a final notification from the European Commission on November 10.
In May, Bajaj Auto had expressed its intention to acquire a majority stake in KTM through its wholly-owned subsidiary, Bajaj Auto International Holdings BV (BAIH), which arranged a debt funding package of €800 million (approximately ₹7,765 crore). This move aimed to transition from being a minority investor to a primary owner of the global KTM brand.
Prior to this transaction, Bajaj Auto, through BAIH, held a 49.9% stake in PBAG, while the remaining controlling interest was owned by Pierer Industrie AG, led by entrepreneur Stefan Pierer. PBAG, in turn, held nearly a 75% stake in PMAG, the parent company of KTM AG. Consequently, Bajaj Auto had effectively held a 37.5% stake in PMAG/KTM via this chain of ownership.
With all conditions of the Call Option Agreement satisfied, Bajaj Auto confirmed that it completed the acquisition of all 50,100 shares of PBAG from Pierer Industrie AG on November 18, 2025. This completion signifies that Bajaj Auto now holds the controlling interest through its subsidiary.
Following this acquisition, BAIH will own 100% of PBAG and will subsequently hold 74.9% of PMAG/KTM. As a result, PBAG has become a wholly-owned subsidiary of BAIH and, by extension, a step-down subsidiary of Bajaj Auto, effective from November 18, 2025. PMAG/KTM will likewise be categorized as step-down subsidiaries.
With the Pierer Group’s exit from PBAG and PMAG/KTM, Bajaj Auto stated that the name change of PBAG to Bajaj Auto International Holdings AG and PMAG to Bajaj Mobility AG has taken effect. Additionally, the supervisory and management boards of PBAG, PMAG, and KTM have been reconstituted.
The information was made public in a regulatory filing by Bajaj Auto on November 19, 2025.
