By: Anonymous: Sam ()  Wednesday, 30 March 2011 @ 03:50 PM ICT (Read 1674 times)  

The Indian government on Tuesday allowed infusion of about US$1 billion in Hero Investments, part of the Hero group, to acquire Japanese partner Honda's stake in the two-wheeler joint venture firm Hero Honda Motors Limited.

Hero, in early March, said it has arranged the required finance to acquire the 26 percent holding of Honda Motor in their joint-venture company Hero Honda Motors Limited (HHML) and pegged the Japanese auto major's stake.

The two companies had ended their 26-year old association to pursue their own goals in the huge Indian two-wheeler market.

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