Hero MotoCorp to buy 49.2% in superbike firm Erik Buell - Livemint

Updated: Mon, Jul 01 2013. 11 01 AM IST Mumbai: Hero MotoCorp Ltd said on Monday its wholly owned unit in the US has agreed to buy a 49.2% stake in superbike company Erik Buell Racing for $25 million. As part of the agreement, Hero MotoCorp's US unit has invested $15 million in Erik Buell on 28 June, and the remaining $10 million will be paid within nine months, the Indian company said in a statement to BSE. Hero MotoCorp will work with Erik Buell Racing for selling bikes in North America and Europe, chief executive Pawan Munjal told reporters on Monday. Shares of Hero MotoCorp were trading up 1% at Rs.1,678 apiece at 11:01am, while the BSE benchmark Sensex rose 0.18% to 19,428.87. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFrhQvDMkhfDjVB5CwiQvEuSMRlPA&url=http://www.livemint.com/Companies/TIwIxOx2Hvcq1GKKyNfUVK/Hero-MotoCorp-to-buy-492-stake-in-superbike-firm-Erik-Buel.html

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