Homegrown rivals Bajaj Auto and TVS Motor Company on Thursday claimed to have settled  their more than a decade long acrimonious court battles relating to a patent infringement case. Both the companies in separate regulatory filings informed about the settlement on Thursday evening.

According to the settlement terms, none of them are required to pay any compensation or penalty to the other as part.

"Both, TVS Motor and Bajaj Auto have mutually agreed to withdraw the Pending Proceedings and release each other from all liabilities, claims, demands and actions in respect of the pending proceedings. None of them are required to pay any compensation or penalty to the other as part of said settlement," the statement issued by the companies said.

The companies informed that the settlement includes all the related cases pending at Bombay and Madras High Courts, Intellectual Property Appellate Board in Chennai and courts in Sri Lanka and Mexico.

The dispute first was reported in September 2007, when Pune-based Bajaj Auto had accused TVS Motors of infringing its patent on DTS-i (Digital twin spark ignition tech) when the later launched its Flame 125cc motorcycle which came with a controlled combustion variable timing intelligent (CC-VTi) technology.

However, TVS on its part had vehemently denied the allegations and filed a defamation case against Bajaj Auto.