Honda To Buy out UIL stake in HSCI

Posted in Honda, HSCI, UIL, Usha Industries,

By Harmaan R A J Madon

honda to buy out usha stake in jv hsci

Honda is working out an an arrangement whereby it will buy out Usha Industries Ltd's (UIL) stake in their joint venture Honda Siel Car India Ltd (HSCI). UIL, which currently holds 3.16 percent stake in HSCI, has been seeking to divest its stake in the JV for a while now.

The paperwork is expected to take a few months to complete. UIL's divestment will mean that Honda India will become a 100 percent subsidiary of Honda Motor Company, Japan, although as yet it is unclear what the company will be known as in its new avatar.

Commenting on the development, Mr. Hironori Kanayama, President & CEO, HSCI, said, “We have shared a very successful and fruitful relationship with UIL over the past 17 years. I would like to take this opportunity to express my appreciation for Mr. Siddharth Shriram’s contributions to HSCI and wish UIL a bright future.”

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