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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.
Updated on: Mar 8, 2011, 15:04:36 IST
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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.
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