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India's Hero MotoCorp to merge investment arm with self
June 4 |
June 4 (Reuters) - Hero MotoCorp, India's largest two-wheeled vehicle manufacturer, has approved a proposal to merge the investment arm of its parent into the automaker, the company said in a statement on Monday.
Private equity funds Bain Capital will hold 8.58 percent and the Government of Singapore Investment Corp (GIC) will own 3.71 percent in the automaker through wholly-owned Indian units after the merger, the company said.
The private equity firms' investments in Hero Investments, a promoter-controlled holding company, were used to help repay debt from the $851 million purchase of former partner Honda Motor's 26 percent stake in the automaker in March 2011. (Reporting by Henry Foy in MUMBAI; editing by Malini Menon)
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