Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative. The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. "The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents.
Hero Honda, India's largest two-wheeler maker, could see a change in ownership as the Delhi-based Munjal family seeks to buy the stake held by partner Honda Motor Company of Japan in the joint venture. The Indian promoters are reportedly talking to private equity (PE) players to raise the money needed to buy the 26 per cent stake held by Honda Motor.
Hero Exports, a part of Hero Cycles, on Tuesday launched two premium electric bike models in Maharahstra.
"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."
Hero MotoCorp and Honda Motorcycle & Scooter India are headed for a showdown in the scooter market with the former partners looking to dominate the high growth segment.
Two years after it hitched a ride with Hero MotoCorp (Hero), Harley-Davidson (Harley) and the Pawan Munjal-led firm are gearing up to ride into the middleweight (midweight) motorcycle segment (350-850cc) in the world's largest two-wheeler market.
Munjal firm dismisses allegations, says it aborted deal as 'closing conditions' were not fulfilled
India's two-wheeler giant, the Hero Group, has signed American golf legend Tiger Woods as its brand ambassador in a four-year deal that targets capturing new markets in North America and Europe.
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.
Breaking the near monopoly of Chinese bicycle manufacturers, the Pankaj Munjal-promoted Hero Cycles has clinched an agreement with Walmart, the world's largest retailer, to supply bicycles across the world. It will supply bicycles priced at $200 (roughly Rs 10,000) apiece.
The company is also planning to roll out three more products during the next financial year.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
'What volumes will we have with a Rs 1 lakh product?' 'As a company, we will not restrict it to a segment.'
Brijmohan Lall Munjal, chairman of the Hero Group, has become the first Indian to be selected to the international panel of judges for the Ernst & Young World Entrepreneur of the Year.
The lumbering Ambassador and Fiat cars, it ruled the Indian roads throughout the 1970s, while the Rajdoot and Jawa as well as the old Royal Enfield motorcycles trailed far behind.
Can it take Hero Impulse's legacy to the next level? Can it rival Royal Enfield's Himalayan?
The company will utilise this time to carry out maintenance work at its manufacturing plants.
The country's largest two wheeler maker Hero Honda on Thursday said it is conducting a feasibility study in 10 states to find the best suitable location for its fourth manufacturing facility and the decision will be taken in the next six months.
In its first overseas acquisition after parting ways with Honda, country's largest two-wheeler maker Hero MotoCorp (HMC) on Monday said it has picked up 49.2 per cent stake in US-based high-end motorcycle maker Erik Buell Racing (EBR) for $ 25 million (about Rs 148 crore).
Domestic motorcycle market leader Hero Honda Motors on Monday said it would foray into scooter manufacturing and launch two motorcycle models this fiscal.
It expects to sort out the issue at the Gurgaon plant 'very quickly'.
Bike maker Hero Electric has decided to foray into overseas market starting with exports of e-bikes to SAARC countries this year and also plans to set up a new greenfield assembly unit.
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.
Though Hero still leads by a wide margin in annual and monthly sales, for the first time, Honda has considerably bridged the sales gap with the Pawan Munjal-led firm in April lagging only by 12,134 units
Hero Exports, the international trading arm of Hero group, has opened shop in China to source cheap bicycle components for exporting it to developing countries, a senior executive of the company said.
Hero has plans to set the Indian roads on fire with the launch of four new scooters in the next two years
Indicating willingness to take any of its competitors head-on for maintaining its leadership position in the motorcycle market, Hero Honda on Thursday said it could cut margin albeit as the last option if situation demanded.
Now standing on one foot, Hero MotoCorp has to decide if it wants to play offence or defence.
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.
Hero Motors on Thursday announced an agreement with the Austria-based Bombardier-Rotax, which will provide 125-175cc engines for the upcoming Hero Aprilia range of scooters entailing an initial investment of Rs 200 crore (Rs 2 billion).
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
India's biggest motorcycle maker Hero Honda Motors said on Monday that it would roll out a number of variants of its bikes soon and is expecting double digit sales growth this fiscal.
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.
The country's largest two-wheeler manufacturer Hero Honda on Monday announced that it has hiked prices of its products between Rs 500 and Rs 1,000, owing to increase in input costs. Hero Honda Managing Director Pawan Munjal told reporters in New Delhi that the company had been trying to absorb rising commodity prices, but it has reached a stage where it needed to pass it to the customers. Models like Splendor Plus, Passion Plus, CBZ and Hunk will see price hike.
Hero Honda Motors, India's largest motorcycle maker, on Monday said sales rose 18.3 per cent in October 2004.
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