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.
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.
Hero Honda, the country's largest and most valuable two-wheeler company, said it logged sales of 370,575 two-wheelers in April, up 29.5 per cent from April 2008.
The Centre extended the deadline for implementing cleaner emission norms for two-wheelers across the country, a move that has come as a big relief for auto manufacturers, especially the country's largest two-wheeler maker, Hero Honda.
A similar sharp surge came in the first quarter ending June, when net profit rose by 83 per cent to Rs 500.11 crore (Rs 5 billion).
The promoter of Hero Honda, Hero Investments Private Ltd (HIPL), has pledged further shares of the company to IL&FS Trust Company Ltd, raising an estimated Rs 200 crore (Rs 2 billion).
We will continue with the same pace of product launches as we maintained in the past.
Hero Honda, the motorcycle market leader, on Thursday tied up with Punjab National Bank to provide low interest loans to its customers.
Production at the two-wheeler major Hero Honda's plant in Gurgaon was severely hit following a strike by contract workers, demanding regularisation of services and higher pay, even as talks were on to end the agitation.
Hero Honda is being egged on by the government's "unannounced concessions" in its 10-year vision statement, the Automotive Mission Plan, which envisages the development of low-cost vehicles.
Hero Honda Motors on Monday said its motorcycle sales grew by 6.1 per cent in August to 145,730 units, from 137,264 units in the same month last year.
Hero Honda announced on Monday the launch of its fuel-injection technology motorcycle Glamour FI, whose prices start from the range of Rs 49,990.
In a relief to two-wheeler major Hero Honda Motors, a tax tribunal has ruled in favour of the company in a case filed by the Excise department for alleged duty evasion to the tune of Rs 2 crore (Rs 20 million).
India's largest motorcycle maker Hero Honda on Monday said its sales surged by 35 per cent to 195,000 units in January.
Hero Honda, the world's largest two-wheeler company, is scouting for a partner for its proposed foray into the four-wheeler segment.
The implications of Honda pulling out of the company are still being worked out and a possible re-rating is expected.
India's largest motorcycle maker, Hero Honda Motors Ltd, launched its cheapest 100 cc motorbike yet on Wednesday, hoping to blunt competition from main rival Bajaj Auto Ltd.
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.
Bajaj Auto has raced ahead of Hero Honda Motors in terms of market capitalisation following the recent drubbing received by the latter, while the former managed gains in a weak market.
India's C Muniyappa, an unheralded golfer from Bangalore, upstaged stars like Arjun Atwal to enjoy a share of the halfway lead in the US$1.25 million Hero Honda Indian Open on Friday.
Under pressure from increasing input costs and shrinking margins, leading two wheeler manufacturer Hero Honda on Monday announced an increase in prices of its motorcycles by Rs 500 to Rs 2000 across various models.
Utility vehicles manufacturer Mahindra & Mahindra will replace Hero Honda in the country's benchmark index Sensex from July 9.
Hero Honda chairman B M Munjal on Tuesday said the five-day strike at the Gurgaon plant will not have an impact on the company's profitability and sales.
Facing a production loss due to strike at its Gurgaon plant, Hero Honda on Wednesday said the workers' action would not impact sales in the long term.
The ace golfer won the Hero Honda Open South by a massive six-shot margin.
Hero Honda on Monday said its motorcycle sales during November 2003 grew 26 per cent to touch 204,533 units and this growth was spread across all major segments including Splendor+, and Passion Plus.
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.
The lanky golfer from Delhi fired a sizzling six-under 66 on the final day to win the 13th event on the Amby Valley PGAI Tour.
The Kolkatan, with a final total of 15-under 269, thus registered back-to-back victories in as many weeks and took home a handsome cheque of Rs 1,89,840.
In a bid to maintain its leadership position in the highly competitive bike market, Hero Honda Motors on Monday said it will invest up to Rs 600 crore (Rs 6 billion) in the next two years to set up a new manufacturing unit even as it gears up to fora
Hero Honda Motors Ltd on Wednesday reported a 20 per cent growth in net profit for the quarter ended June 2004 at Rs 190 crore against Rs 158 crore in the corresponding period last year, buoyed by a 33 per cent surge in motorcycle sales volume.
Hero Honda Motors, India's largest motorcycle maker, on Tuesday said its net profit grew by 12 per cent to Rs 156.55 crore for the quarter ended September 30, 2003 from Rs 139.84 crore a year earlier.
From the bylanes of Ludhiana to the highways of international renown, 83-year-old Brijmohan Munjal is steady in his dedication towards his work.
On December 16 last year, Hero Honda informed the stock markets that the partnership was over and Honda would soon exit the company.
"We expect to capture the top position in the premium segment with the new bike. We are also working on another bike in the premium segment," Hero Honda managing director Pawan Munjal told reporters in New Delhi.
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