Hero Motor Corp to buy stake in Erik Buell Racing

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Hero MotoCorp Ltd has said that it has incorporated a wholly owned subsidiary in U.S.A. by the name of HMCL (NA), Inc for the purposes of investing in Erik Buell Racing, Inc.

HMCL(NA) has agreed to invest USD 25 million in EBR for a total stake of 49.2 per cent in the share capital of EBR. The first tranche of USD 15 million has been invested by HMCL (NA) on June 28, 2013.

Shares of Hero Motor Corp were up 0.93 per cent in trade.


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Story first published: Monday, July 1, 2013, 10:27 [IST]
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