Hero MotoCorp to buy 49.2% stake in Erik Buell

Source : REUTERS
Last Updated: Mon, Jul 01, 2013 04:13 hrs
An employee speaks to a customer inside a Hero MotoCorp showroom in Mumbai

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.

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