Hero Honda is now officially, Hero MotoCorp
Our very own Hero Honda is now Hero MotoCorp. India’s number one two wheeler maker in terms of sales has formally announced that the name change that will come into effect from Friday, 29th of July 2011. The bike maker finally got formally christened after the approval for name change from the Registrar of Companies. Hero Honda will from now on will thus be called Hero MotoCorp.
This comes as Honda of Japan sold 26 percent stake in the joint venture company to the Hero Group. As part of the deal Honda will be compensated with royalty payouts depending on net sales. Honda was in contract with the Hero Group till 2014 and both companies had agreed to their share technology. But since, Honda came into India as a separate entity, things weren’t going well between the two partners.
Honda then decided to prematurely end the contract and part ways with the Hero Group. Until now, Hero was depending on Honda of Japan for technical support. Now, with Honda becoming one of the major competitors in the market, poses a different challenge to the newly christened Hero MotoCorp. The bike maker sure has big plans to promote the new brand as the company plans to unveil the new brand in London on August 9 as India’s largest two-wheeler maker.
According to Pawan Munjal, the name change marks a beginning of a new era of innovations. The bike maker plans to expand their footprint not just in India but also across markets all across the world. The bike maker will also work to further strengthen its hold over the Indian two-wheeler market in the years to come.
“The change in name is the first big step towards further strengthening the company’s leadership in the two-wheeler industry. It marks the beginning of a new era of innovations – be it in the field of technology and product development or customer satisfaction and expanding our footprint across global markets,” said Pawan Munjal, managing director and chief executive officer.