Hero MotoCorp buys 60% stake in JV with Magneti Marelli
13 Dec 2013 4:55 AM IST
Country's largest two-wheeler maker Hero MotoCorp on Wednesday said it has acquired 17.49 lakh shares, constituting around 60 per cent stake, in its joint venture with Italian firm Magneti Marelli.
Financial details were not immediately available.
Hero MotoCorp has subscribed to a total of 1,749,999 equity shares of face value Rs 10 of 'HMC MM Auto Ltd' constituting 60 per cent shareholding in the JV company, Hero MotoCorp said in a filing to the BSE.
‘The purpose of the joint venture is to, amongst others, sell, distribute and market complete two wheeler fuel injection systems or components parts thereof,’ it added.
Financial details were not immediately available.
Hero MotoCorp has subscribed to a total of 1,749,999 equity shares of face value Rs 10 of 'HMC MM Auto Ltd' constituting 60 per cent shareholding in the JV company, Hero MotoCorp said in a filing to the BSE.
‘The purpose of the joint venture is to, amongst others, sell, distribute and market complete two wheeler fuel injection systems or components parts thereof,’ it added.
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