Bajaj Auto and British bike maker Triumph Motorcycles on Tuesday announced a partnership to design motorcycles for Indian and global markets, PTI reported. The two companies will collaborate on design and development technology, quality and worldwide distribution among other things, a joint statement said.

“This new global partnership will enable Triumph to significantly expand its global reach by entering new higher volume market segments, especially within the emerging markets across the world,” the statement read.

The shares of Bajaj Auto jumped 3% in Tuesday morning trade after the partnership was announced. It also hit a high of 3.4% at 2,988.45 on the Bombay Stock Exchange Sensex. However, it closed at 2,913.80 on the Sensex and 1.06% higher at 2,920.

“Bajaj will gain access to the iconic Triumph brand, and its great motorcycles, enabling it to offer a wider range of motorcycles within its domestic market and other international markets,” the statement further said.