Honda recently parted ways with erstwhile partner Usha International Ltd. (UIL), thus ending a 16-year joint venture in India. Honda bought out UIL’s 3.16 percent stake in Honda Siel Cars India for Rs 180 crore. Now, Honda has announced a corporate name change to ‘Honda Cars India Limited’ with immediate effect.
Commenting on the development, Hironori Kanayama, president and CEO, Honda Cars India Limited (HCIL), said, “We are committed to the Indian market and will continue to delight our customers with the latest products from Honda, which will enrich their lives and enhance their lifestyles. Honda’s quality, superior technology and overall ownership experience is what has endeared this brand to our customers since its inception, and the same philosophy will drive us in the future.”
HCIL is now a 100 percent Honda subsidiary in India.