There is the persistent rumour that refuses to go away. Bajaj Auto apparently is working on a larger than the Avenger cruiser on an entirely new platform and this will be a premium offering that will hit the Indian motorcycle market sometime in 2015, but a prototype of it will be on display at the Auto Expo in February, 2014.
This is apparently a reaction to Harley-Davidson and Triumph bringing affordable cruisers into the Indian market and homegrown Royal Enfield also likely to move up the value chain with new products (mostly in the cruiser category) to promote leisure motorcycling. Bajaj does not want to be left behind in a sector that they have created with the Kawasaki Eliminator which gave way to the Pulsar engined Bajaj Avenger. While Yamaha tried to enter the segment with the Enticer which was very well received only to flounder later on, Bajaj has had a steady presence with the Avenger which went on from 180cc through 200cc to the now available 220cc. The motorcycle has a strong following and despite there being no advertising or marketing efforts or any serious upgrades in the last many years, the motorcycle has a loyal fan following.
It is therefore very likely that the Avenger will have another stable mate. What is doubtful is if Bajaj will actually show a mock up in the Auto Expo 2014.