Hero to buy out Honda stake in Indian JV for $851 mn | business | Hindustan Times
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Hero to buy out Honda stake in Indian JV for $851 mn

Hero Investments has agreed to buy Honda Motors Ltd's 26% stake in Hero Honda Motors for around $851 million in a deal that will see the Japanese automaker exit its joint venture in India after more than 26 years.

business Updated: Mar 08, 2011 15:04 IST

Hero Investments has agreed to buy Honda Motors Ltd's 26% stake in Hero Honda Motors for around $851 million in a deal that will see the Japanese automaker exit its joint venture in India after more than 26 years.


Hero Investments is buying the stake at 739.97 rupees a share, it said in a statement.

Shares in Hero Honda fell more than 3% following the news.

The Hero Honda joint venture was India's largest motorcycle manufacturer with more than half the domestic market.

Honda also has a wholly owned subsidiary in India, which makes motorcycles and scooters.