Rahul Bajaj and his cousins Shekhar Madhur and Niraj have signed an agreement to ensure smooth functioning of the group companies, Mint reported.

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The agreement consists a formal processes to be followed in issues related to succession, ownership and conflict resolution, said the report.

“The whole thing has a long-term logic. We don’t know what happens to our children and grandchildren. But, we know we want to be together. We are trying to see how we can strengthen our relationship,” Shekhar Bajaj, chairman of Bajaj Electricals, was quoted as saying in the report.

The development is significant as many giant business families have broken apart in recent times often affecting their firms, the report said.

The development takes place nearly two decades after a bitter family feud between Rahul Bajaj and his younger brother, Shishir led to the latter carving out a part of the business empire in 2008, the report further mentioned.