Hero Motocorp incorporates wholly owned subsidiary in USA

Hero Motocorp has incorporated a wholly owned subsidiary in USA by the name of HMCL (NA), Inc. for the purposes of investing in Erik Buell Racing, inc.

July 02, 2013 / 09:16 IST

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Hero Motocorp Ltd has informed BSE that:- Hero MotoCorp Ltd. ("HMC") has incorporated a wholly owned subsidiary in U.S.A. by the name of HMCL (NA), Inc. (“HMCL (NA)”) inter alia for the purposes of investing in Erik Buell Racing, inc. (“EBR”).HMCL(NA) has agreed to invest USD 25 million in EBR for a total stake of 49.2% in the share capital of EBR. The first tranche of USD 15 million has been invested by HMCL (NA) on June 28, 2013.The second tranche of USD 10 million is proposed to be invested within the next 9 months.Source : BSE

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first published: Jul 2, 2013 09:16 am

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