Hero Motors Ltd. (HML) declared on 14 February 2011 that it sold a 17.6 per cent stake in Munjal Kiriu Industries (MKI) thus becoming a minority shareholder in MKI. MKI is a joint venture company formed with Japan's Kiriu Corp. The stakes have been bought from HML by Kiriu, which is an affiliate of the diversified Sumitomo Corporation. The acquisition enabled Kiriu to further strengthen its hold in MKI and thus become a majority partner in Munjal Kiriu.
MKI plans to install another new casting line in the current Manesar plant by the latter half of 2012 to escalate production in response to the rapidly increasing demand of the Indian automotive industry.
Comments
All Comments (0)
Join the conversation