"There are no succession plans," Bajaj told PTI from Pune. He, however, promptly added that "work has to be divided" between the two brothers.

Earlier in March, Bajaj Auto had decided to elevate Rajiv - the elder of the two - to the post of managing director for a five-year term effective April 1, 2005.

As part of his new responsibilities, Rajiv was entrusted with handling the production, marketing, supply chain, manufacturing and production engineering of the company.

On the other hand, Sanjiv - an executive director (finance) at the company - manages the company's international operations and exports, finance, costing, legal services, and treasury operations, among other responsibilities.

He is also on the board of directors of Bajaj Auto Finance Ltd, a separate listed entity and into NBFC. Bajaj said the Rs 6,500 crore (Rs 65 billion) cash-rich company was also looking at a demerger to carve out a separate investment company.

He said the group's other company Bajaj Auto Finance will be raising up to Rs 940 crore (Rs 9.4 billion) through equity shares, debentures and warrants.