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Hero MotoCorp arm increases stake in JV company

Posted On: 2018-03-22 09:41:02

Hero MotoCorp Limited (the 'Company') through its wholly owned subsidiary, HMCL Netherlands B.V. ('HMCL BV'), entered into a joint venture agreement in 2014 (as subsequently amended from time to time) and certain ancillary agreements for sale, distribution and marketing of the Company's products in Colombia. The joint venture is being implemented through a joint venture company incorporated in Colombia, i.e. HMCL Colombia S.a.S (the 'JVC').

Pursuant to subsequent investment by HMCL BV into the share capital of the JVC,the equity interests/shareholding of the joint venture partners in the JVC have been re-aligned whereby the Company's equity interest / shareholding in the JVC (through HMCL BV) has increased to 68%, on a fully diluted basis, from 51%; and the other joint venture partner's equity interest / shareholding in the JVC, held through Woven Holdings LLC, has decreased to 32%, on a fully diluted basis, from 49%.

HMCL Colombia S.a.S is an existing subsidiary of Hero MotoCorp Limited India (Hero) through its wholly owned subsidiary HMCL Netherlands B.V; HMCL Colombia S.a.S is engaged in the business of manufacture, assembly and distribution of two wheelers in Colombia. The company recorded a turnover of USD 25.8 in 2016-17 and USD 22.3 million in 2015-16.

Shares of HERO MOTOCORP LTD. was last trading in BSE at Rs.3456.9 as compared to the previous close of Rs. 3469.35. The total number of shares traded during the day was 10227 in over 1160 trades.

The stock hit an intraday high of Rs. 3486.35 and intraday low of 3440. The net turnover during the day was Rs. 35383405.


Source: Equity Bulls

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