Hero Honda gets nod to change name
NEW DELHI: The shareholders of Hero Honda have approved the changing of the name of the company to Hero MotoCorp Ltd, post the exit of Japan's Honda from the Munjals-promoted firm.
The proposal was approved by shareholders at an extraordinary general meeting of the company.
Last December, the Hero Group and Honda had agreed to end their 26-yearold relationship, with the Indian partner agreeing to buy out Honda's 26% stake in Hero Honda for Rs 3,841.8 crore.
The two partners had, however, signed a new licensing agreement under which Hero Honda will pay Honda around Rs 2,450 crore till 2014.
As a result of the separation the word 'Honda' needs to be dropped from the name of the company — Hero Honda Motors Ltd. AGENCIES
The proposal was approved by shareholders at an extraordinary general meeting of the company.
Last December, the Hero Group and Honda had agreed to end their 26-yearold relationship, with the Indian partner agreeing to buy out Honda's 26% stake in Hero Honda for Rs 3,841.8 crore.
The two partners had, however, signed a new licensing agreement under which Hero Honda will pay Honda around Rs 2,450 crore till 2014.
As a result of the separation the word 'Honda' needs to be dropped from the name of the company — Hero Honda Motors Ltd. AGENCIES
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