Hero MotoCorp, one of the world’s largest two-wheeler manufacturers, has reportedly decided to put a complete halt on royalty payments to its former joint venture partner Honda group. The company will now tap its in house R&D unit - the Centre of Innovation and Technology (CIT) in Jaipur, Rajasthan - for all technology requirements. The company can now utilize the cash reserved for royalty payments to consolidate its leadership position.
Hero MotoCorp has sold 1849,375 units in first three months (April 2017 - June 2017) of this fiscal - the highest-ever sales by Hero MotoCorp in any quarter. Further, with sales of 624,185 two-wheelers in June 2017, the company registered a growth of 14% over the corresponding month of the previous fiscal when it sold 549,533 units.
