In a bid to explore new avenues under the ‘Make in India’ programme, the Hero Group has raised Rs 1,864 crore by selling stake of around 4% in two-wheeler arm, Hero MotoCorp. The promoter group sold 70 lakh shares, and now holds over 36% stake in the company compared with 39.92% earlier.
Hero MotoCorp is the World’s single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors in 1984. Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda, from the company.