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Hero Motocorp Ltd Picks Up 49.2% Stake In Erik Buell Racing For $25 Million-The Economic Times


Monday, 1 Jul 2013 12:39am EDT 

The Economic Times reported that Hero Motocorp Ltd has picked up 49.2% stake in US-based Erik Buell Racing (EBR) for $25 million (about INR1.48 billion). The company has incorporated a wholly owned subsidiary in the US by the name of HMCL (NA), Inc for the purposes of investing in Erik Buell Racing, Inc. HMCL(NA) has agreed to invest $25 million in EBR for a total stake of 49.2% in the share capital of EBR. The first tranche of $15 million has been invested by HMCL (NA) on June 28, 2013. The second tranche of $10 million is proposed to be invested within the next nine months. 

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3063.3
-3.75 -0.12%
19 Dec 2014