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HeroMoto enters into JV with Magneti Marelli

Tuesday, 03 Dec 2013
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HeroMoto Corporation has entered into a JV with Milan-based Magneti Marelli to manufacture new generation powertrains.

As per its JV agreement, both the companies will invest a total of $8.5 million (approx Rs 52.8 crore) in the JV firm 'HMC-MM Auto' in the next three years, and around $27 million (approx Rs 167.94 crore) over the next ten years. Hero MotoCorp will hold 60 per cent in the JV while the Italian firm will have 40 per cent stake.

The JV company will start the manufacturing process by December 2014. It will also be open to supplying components to other manufacturers as well.


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