Bajaj Auto chairman Rahul Bajaj on Tuesday said his company could consider selling its holding in the Firodias-controlled Bajaj Tempo, now rechristened Force Motors.
"If there is a proposal from their side, we will consider," Bajaj said on the sidelines of a Confederation of Indian Industry conference.
However, he clarified that Bajaj Auto would not initiate any such proposal and it has to come from the other side.
While Bajaj Auto holds 24 per cent in Force Motors, the latter commands around 11 per cent in Bajaj Auto. Selling of crossholdings by both has been seen as a solution for quite sometime, though fixing a price is a major irritant.
The latest offer comes even as Bajaj Auto has approached Supreme Court over the move by the Firodias to change the name of Bajaj Tempo to Force Motors.
Bajaj said that the company had filed a Special Leave Petition in the apex court last week.
Bajaj, which had failed to get relief from Bombay high court and Department of Company Affairs on the matter, holds 24 per cent in the Firodia-controlled company. It had said that any change in name should be through a special resolution and not an ordinary resolution, where it could not have any say on the matter.
The Firodias went ahead with the process last week and formally adopted the resolution to change the name. It had said in February that it was going in for name change as DaimlerChrysler, owners of the Tempo trademark, asked for the trade mark to be returned.
