India's Hero MotoCorp to buy 49.2 pct stake in Erik Buell

MUMBAI, July 1 Sun Jun 30, 2013 11:56pm EDT

MUMBAI, July 1 (Reuters) - India's two-wheeler maker Hero MotoCorp Ltd said on Monday its wholly owned unit in the United States has agreed to buy a 49.2 percent stake in superbike company Erik Buell Racing for $25 million.

As part of the agreement, Hero MotoCorp's U.S. unit has invested $15 million in Erik Buell on June 28, and the remaining $10 million will be paid within nine months, the Indian company said in a statement to the Bombay Stock Exchange. (Reporting by Sumeet Chatterjee; Editing by Sunil Nair)

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