Naveen Munjal of Hero Exports alone had given around Rs 50 crore.
After Reliance Industries, Tata, Bharti and the AV Birla group, the Hero group is all set to enter the Indian retail sector.
The Rs 10,000-crore (Rs 100 billion) Hero group on Thursday spun off its IT-enabled services unit into an independent company to facilitate the division's initial public offering and acquisition plans.
Daimler, world's largest manufacturer of commercial vehicles, had reached an understanding in December 2007 for establishment of a joint venture with Munjal family-promoted Hero group, a leading Indian business house with presence in automotive manufacturing, auto parts and services sector.
Amid growing demand for household design, two-wheeler maker Hero Group has ventured into home decor market and plans to initially invest Rs 40 crore (Rs 400 million) to launch 40 lifestyle stores across the country in the next two years.The company has launched two stores, one each in Gurgaon and Delhi, and would open the third one in the city by November. It plans to open 18 stores by March 2008.
Hero Corporate Service Ltd chairman Sunil Kant Munjal said the foray is a part of the company's plan to 'unlock opportunities and deliver value' in the country's booming service sector.
Recognising the importance of small scale entrepreneurship, Prime Minister Manmohan Singh on Monday lauded Brijmohan Lall Munjal of the Hero Group, which has emerged the world's largest two-wheeler manufacturer.
The group also said it will raise fund from private equity firms, including Bain Capital and Lathe Investment, estimated to be around Rs 4,500 crore (Rs 45 billion) to finance its buyout by selling stake in Hero Investments Private Limited (HIPL).
Japan's Honda Motor Company on Wednesday renewed its technical collaboration agreement with Hero Honda Motors for ten years.
Hospitality and travel-tech firm OYO is looking to launch its initial public offer after September and has written to stock market regulator Sebi, seeking to file updated and restated consolidated financial information. The company, which had filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale in October last year, is now prepared to settle for a lower valuation of around $7-8 billion against the $11 billion it was targeting initially, according to people in the know of the development. OYO's move to launch the IPO after the September quarter is mainly driven by the expectation of improvement in its financial performance and the current volatile nature of the market, they said.
This is part of the nine memorandums of understanding (MoUs) worth Rs 5,027 crore, including Hero Group-backed Ather Energy's over Rs 600 crore investment, to establish a manufacturing facility for e-vehicles.
The growth opportunity for a business, people running the business, governance structure at a company, technology adoption and the firm's belief in frugality are the list of priorities which should be considered before choosing a stock to invest in, Jhunjunwala said.
Breaking its 26-year-old joint venture -- Hero Honda, Munjals-promoted Hero Group on Thursday said it will buy the entire 26 per cent stake of its Japanese partner Honda in the company for an undisclosed amount.
According to media reports, while Honda is planning to sell 20 per cent stake to the other promoter, Munjal family of the Hero Group, it is looking at selling 6 per cent to private equity firm KKR.
To sell its 26 per cent stake to the Munjals for $1.2 billion.
Industry watchers attribute a lot of the current successes of the $6 billion Hero Group to how B M Munjal planned and executed succession in HeroCorp, balancing the interests of other family-owned businesses.
Two-day event saw participation of venture capitalists, private equity funds, angel investors, etc.
Assocham is planning to write a letter to the West bengal chief minister, asking her to bring back the Tatas to regain business confidence.
Master tailors, textile manufacturers and custom clothiers, however, say the upcoming festive season, reinvention in the form of new collections and digital outreach are salvaging the situation somewhat.
The pollution rules set to be enforced from 2015 require heavy investment in R&D, new tech.
The fraud is said to be the handiwork of Shivraj Puri.
"The modus operandi was simple: Divert the money to the stock markets. It seems it was a structured product, which most people don't understand, as it could be a pure equity or blended product."
While the Hero Group is working out a new brand strategy, Honda Motor Corporation is preparing to step on the gas and corner a larger share in what is ranked as the second largest two-wheeler market in the world.
The new tranche of funding raises Ola's valuation to $5.74 billion from $4.45 billion in October 2017
India's largest two wheeler-maker Hero Honda will pay Honda 45 billion yen (about Rs 2,4.5 billion) till 2014 as part of a new licencing agreement signed between the Hero Group and the Japanese auto major after deciding to part ways on their joint venture.
A key question in the minds of people who have been defrauded, including the Hero group, is why Citibank went to police when the matter was close to being resolved? Companies discovered the fraud around a month back and 'the matter was almost resolved', with Shivraj Puri undertaking to return the money, say people in the know.
In what may pave the way for Honda Motor's exit from Hero Honda, their joint venture with India's Hero Group, the latter has agreed to royalty payments of eight per cent of overall sales per annum to the Japanese automaker in return for a technology makeover and a stake sale.
Reliable sources said it is only a mere ending of cross holdings in the companies in order to keep the businesses running smooth when it will be handled by future generation.
"We are disengaging from the joint venture, but the project (to manufacture CVs) will continue to exist and be run by Daimler. The reason for the move is the current economic slowdown and we will not like to commit such big investment in these circumstances," said Sunil Kant Munjal, chairman, Hero Corporate Services.
Speaking on the cancellation of the deal, Joe Bowman, chief executive officer of Ultra Motors, said, "The opportunity cost of selling electric vehicles in India does not fit strategically under this joint agreement. We intend to create shareholder value and positively impact those markets where we operate. We have come to believe India is one of the largest markets in the world. So we are looking forward to develop it independently."
The plant, which would be functional in 2010, would produce up to 70,000 trucks in its initial phase of operation. The company said it plans to export from the plant to markets whose product requirements are similar to those of the Indian market. The investment plan is valued at about Rs 4,500 crore (Rs 45 billion).
The company will start manufacturing commercial vehicles by 2010. The new company is aiming to achieve a localisation rate of up to 80 per cent. The production of commercial vehicle for export to other emerging markets will also be launched thereafter. The two companies signed a joint venture agreement on Monday to float a company Daimler Hero Motor Corporation, in which the German company will have 60 per cent stake and the rest with Hero.
The Hinduja Group, Mukesh Ambani, Murugappa, and the Adani groups were the other gainers in the Modi regime, while Naveen Jindal and Sun Pharma groups saw the most erosion in their m-cap in the last five years, reports Krishna Kant.
If Indian companies do not understand the roots of India's culture and genius, they will not succeed
The $3-billion conglomerate Hero Group is making a foray into electric three-wheeler segment, expanding its core portfolio of bicycles and two-wheelers.
No one would have dreamt then that, in the space of a generation, Delhi would be challenging Mumbai to become the country's business capital.
Hero Cycles, part of Rs 11,000 crore Hero Group conglomerate, is now all set to foray into 'mini motor cycle' segment with the launch of engine-driven bicycle 'Cyclomoto' next month.
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