Hero MotoCorp

Hero MotoCorp Limited is an Indian

multinational motorcycle and scooter
manufacturer headquartered in Delhi. It is
one of the world's largest two-wheeler
manufacturer and has a market share of
about 46% in the Indian two-wheeler
industry.[3][4] As of 27 May 2021, the
market capitalization of the company was
₹59,600 crore (equivalent to ₹700 billion or
US$8.8 billion in 2023).[5] [6]
History Hero

Hero Honda started

its operations in
1984 as a joint
Formerly Hero
venture between
Honda
Hero Cycles of India
Type Public
and Honda of
Traded BSE: 500182
Japan.[7][8] In June as s://www.bsei
2012, Hero m/stock-sha
MotoCorp approved e/x/y/500182
NSE: HEROM
a proposal to merge (https://www
the investment arm ia.com/get-q
equity?symb
of its parent Hero
OMOTOCO)
Investment Pvt. Ltd.
with the automaker. NSE NIFTY 5
Constituent
This decision came
ISIN INE158A01026
18 months after its
(https://isin.to
split from Hero olforge.org/?la
Honda.[9] nguage=en&isi
n=INE158A010
26)
"Hero" is the brand
name used by the Industry Automotive

Munjal brothers for Founded 19 January

1984
their flagship
Founder Brijmohan
company, Hero Lall
Cycles Ltd. A joint Munjal
venture between the Headquarters New
Delhi,
Hero Group and
India
Honda Motor
Key Pawan
Company was people Munjal
established in 1984 (Chairman,
MD &
as the Hero Honda
CEO)[1]
Motors Limited at
Products Motorcycle
Dharuhera, India. [10] Scooters
Munjal family and Production
the Honda group output 7,587,130
units
both owned a 26%
(2018)
stake in the ₹34,727.3
Revenue
company. [11] crore
(US$4.3 bill
During the 1980s, (2023)[2]

the company Operating ₹3,863.6

income crore
introduced
(US$480 m
motorcycles that (2023)[2]
were popular in Net ₹2,799.90
India for their fuel income crore
economy and low (US$350 mil
(2023)[2]
cost. A popular
Total ₹23,917.03
advertising
assets crore
campaign based on (US$3.0 billio
the slogan 'Fill it – (2023)[2]

Shut it – Forget it' Total ₹16,780.63

that emphasized the equity crore

(US$2.1 billion
motorcycle's fuel (2023)[2]
efficiency helped the Number of 8,599
employees (2020)[2]
company grow at a
Parent Hero
double-digit pace
Motors
since its inception. Company
In 2001, the Subsidiaries Vida
company became Electric
Scooter
the largest two-
wheeler
manufacturing Website www
.heromotoc
company in India
.com (http:/
and globally.[3] It ww.heromo
maintains global orp.com)

industry leaders to
date.[3] The technology in the bikes of Hero
Motocorp (earlier Hero Honda) for almost
26 years (1984–2010) has come from the
Japanese counterpart Honda.[12]

Termination of Honda joint venture

and the renaming

Hero Honda Passion

 Hero Karizma R

By December 2010, the board of directors

of the Hero Honda Group had decided to
terminate the joint venture between Hero
Group of India and Honda of Japan in a
phased manner. The Hero Group would
buy out the 26% stake of the Honda in JV
Hero Honda.[13] Under the joint venture,
Hero Group could not export to
international markets (except Bangladesh,
Nepal and Sri Lanka) and the termination
would mean that Hero Group could now
export. From the beginning, the Hero
Group relied on their Japanese partner
Honda for technology.[14]

Honda exited the joint venture through a

series of off-market transactions by giving
the Munjal family, which held a 26% stake
in the company. Honda, wanting to focus
only on its independent fully owned two-
wheeler subsidiary, Honda Motorcycle and
Scooter India (HMSI), exited Hero Honda
at a discount and get over ₹6,400 crore
(equivalent to ₹140 billion or US$1.8 billion
in 2023) for its stake. The discount was
between 30% and 50% to the current value
of Honda's stake as per the price of the
stock after the market closed on 16
December 2010.[15]

The rising differences between the two

partners gradually emerged as an irritant.
Differences had been brewing for a few
years before the split over a variety of
issues, ranging from Honda's reluctance to
fully and freely share technology with Hero
(despite a 10-year technology tie-up that
expired in 2014) as well as Indian partner's
uneasiness over high royalty payouts to
the Japanese company. Another major
irritant for Honda was the refusal of Hero
Honda, (mainly managed by the Munjal
family), to merge the company's spare
parts business with Honda's new fully
owned subsidiary, HMSI.[15]

As per the arrangement, it was a two-leg

deal: In the first part, the Munjal family, led
by Brijmohan Lal Munjal group, formed an
overseas-incorporated special purpose
vehicle (SPV) to buy out Honda's entire
stake, which was backed by bridge loans.
This SPV was eventually opened for
private equity participation, and those
included Warburg Pincus, Kohlberg Kravis
Roberts (KKR), TPG, Bain Capital and The
Carlyle Group.[16]
Formation of the new company

The name of the company was changed

from Hero Honda Motors Limited to Hero
MotoCorp Limited on 29 July 2011.[3] The
new brand identity and logo of Hero
MotoCorp were developed by the British
firm Wolff Olins.[17] The logo was revealed
on 9 August 2011 in London, to coincide
with the third test match between England
and India.[17]

Hero MotoCorp can now export to Latin

America, Africa, and West Asia.[17] Hero is
free to use any vendor for its components
instead of just Honda-approved
vendors.[17]

On 21 April 2014, Hero MotoCorp

announced its plan on a ₹254 crore
(equivalent to ₹406 crore or US$51 million
in 2023) joint venture with Bangladesh's
Nitol-Niloy Group in the next five years to
set up a manufacturing plant in
Bangladesh. The plant started production
in 2017 under the name "HMCL Niloy
Bangladesh Limited". Hero MotoCorp
owns 55% of the manufacturing company
and the rest 45% is owned by Niloy Motors
(A subsidiary of Nitol Niloy Group).[18] Hero
also updated its 100cc engine range in
2014 for 110cc bikes except for Hero
Dawn. [19]

Equity investments

In July 2013, HMC acquired 49.2%[20]

shareholding in Erik Buell Racing, a
motorcycle sport company which
produced street and racing motorcycles
based in East Troy, Wisconsin, United
States. EBR filed for bankruptcy in 2015[21]
and Hero MotoCorp proceed to acquire
certain assets for ₹18.2 crore (equivalent
to ₹31 crore or US$3.9 million in 2023).,[22]

HMC invested ₹205 crores (US$30.5

million) as a Series B round of funding in
October 2016 and gained a 32.31% stake
in Ather Energy, a start-up company
manufacturing electric scooters. It
invested a further ₹130 crores (US$19
million) in 2018.[23] HMC's share in Ather
Energy has grown up to 34.58% since
2016.[24][25]

Operations

Hero MotoCorp has five manufacturing

facilities based at Dharuhera, Gurugram,
Neemrana, Haridwar and Halol. A new
manufacturing facility is in the process of
being set up in Chittoor in Andhra Pradesh.
Spread over 600 acres, the company has
invested 1600 crores in setting up this
greenfield facility.[26] These plants together
have a production capacity of over 76 lakh
(7.6 million) 2-wheelers per year.[27] Hero
MotoCorp has a sales [28] and service
network with over 6,000 dealerships and
service points across India. It has had a
customer loyalty program since 2000,
called the Hero Honda Passport Program
which is now known as Hero GoodLife
Program.[29] As of 31 March 2020, the
company has an annual capacity of 9.1
million units in its eight manufacturing
facilities. Apart from these manufacturing
facilities the company also has two R&D
facilities, in Germany & Jaipur.[30]
It is reported that Hero MotoCorp has five
joint ventures or associate companies,
Munjal Showa, AG Industries, Sunbeam
Auto, Rockman Industries, and Satyam
Auto Components, that supply a majority
of its components.[31]

As of March 2013, the company has sold

over 7 crores (70 million) of 2-wheelers
since its inception in 1984.[3] It sold 60.7
lakhs (6.07 million) 2-wheelers in 2012, out
of which 55 lakh (5.5 million) were
motorcycles. Hero MotoCorp sells more
two-wheelers than the second, third, and
fourth-placed two-wheeler companies put
together.[3] Its most popular bike, the Hero
Splendor sells more than 10 lakh units per
year.[32]

The company aims to achieve revenues of

₹64,000 crore (equivalent to ₹920 billion or
US$12 billion in 2023) and volumes of 10
lakh two-wheelers by 2016–17. This is in
conjunction with new countries where they
can now market their two-wheelers
following the disengagement from Honda.
Hero MotoCorp hopes to achieve 10% of
its revenues from international markets,
and they expected to launch sales in
Nigeria by end-2011 or early 2012. Hero
MotoCorp launched XPulse 200 adventure
motorcycle in India on 1 May 2019, along
with the XPulse 200T touring motorcycle.
[33]

In 2019, Hero MotoCorp sold more than 78

lahks (7.8 million) units, the highest of any
two-wheeler company in the world. It
registered its best-ever monthly
performance by selling 7,69,000 units in
September 2018. The company registered
its best-ever quarterly performance in the
April - June 2018 quarter (non-festive
time) by selling more than 21 lahks (2.1
million) units.[34]

In January 2021, Hero MotoCorp's

production exceeded 100 million.[35] As of
2021, Hero is the only Indian automobile
brand to exceed 100 million in
production.[35] In February 2021, Hero
MotoCorp sold 484,405 units with 0.9
percent growth.[36]

Hero MotoCorp has launched an online

virtual showroom.[37]

Listings and shareholding

The equity shares of Hero MotoCorp are

listed on the Bombay Stock Exchange,[38]
and the National Stock Exchange of
India,[39] where it is a constituent of the
NIFTY 50.[40]
As on 31 December 2013, the promoters
Munjal Family held around 40% equity
shares in Hero MotoCorp. Over 601,000
individual shareholders hold approx. 7.44%
of its shares.[41] Foreign Institutional
Investors hold approx. 30% shares in the
company.[41]

Shareholders of Hero MotorCorp, as of 31 March 2020

Shareholder Percent ownership[41]

Promoter Group 34.6%

Foreign Institutional Investors (FII) 34.3%

Non-Resident Indians (NRIs) 0.4%

Indian Public 8.3%

Insurance companies 8.3%

Mutual Funds / UTI 8.2%

Bodies Corporate 1.40%

Financial Institutions / Banks 2.0%

Others 2.5%

Total 100%
Employees

As of 31 March 2014, the company had

6,782 employees, out of which 66 were
women (1.1%). It also had approx 13,800
temporary employees on that date. The
company had an attrition rate of 5.1% in
the FY 2012–13.[3] The company spent
₹8,210 crore (equivalent to ₹150 billion or
US$1.9 billion in 2023) on employee
benefits during the FY 2012–13.[3]
Awards and recognition

The 2006 Forbes list of the 200 World's

Most Respected Companies had Hero
Honda Motors ranked at No. 108.[42]
The Brand Trust Report published by
Trust Research Advisory has ranked
Hero Honda in the 7th position among
the most trusted brands in India.[43]

Initiatives

The company started Raman Kant Munjal

Foundation (RKMF), in 1992 when it was
known as Hero Honda Motors Ltd. [44],
which looks after:
 Raman Munjal Vidya Mandir
(Educational Institution)
BML Munjal University

During the financial year, the company

spent ₹1.4 crores) on corporate social
responsibility.

Sponsorship

Hero has been the sponsor of the

Caribbean Premier League, a twenty-20
cricket franchise, since 2018.[45] Since
2014, Hero has sponsored the Hero World
Challenge golf tournament.[46] Hero also
sponsors two British events on the Golf
European Tour: English Open (known as
the Hero Open) and the Betfred British
Masters. Hero is also a partner of Spanish
club Atlético Madrid. [47]

Hero were also the title sponsors of the

first ever senior FIH World Hockey5s in
2022.[48]

Football

Hero sponsored India's football leagues,

the Indian Super League, I-League, I-
League Qualifiers, Futsal Club
Championship, Indian Women's League,
Senior NFC for Santosh Trophy, Super Cup,
Youth League and previously Federation
Cup. They were also the principal
sponsors of all India national and
developmental football team kits. They
pulled out from all the sponsorships in
2023 due to internal issues.[49]

Allegations of tax evasion

In March 2022, the Income tax department

conducted raids on offices and several
other locations of Hero MotoCorp.
Following this, the department stated in a
report that the two-wheeler giant had
made bogus claims of expenses to the
tune of Rs 1000 crore.[50]
See also

Ather Energy
Bajaj Auto
Okinawa Autotech
Ola Electric
Wardwizard Innovations & Mobility
Limited
TVS Motor Company
List of companies of India

Portal: Companies

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