Hero Motors forms JV with Japanese firm

Mumbai, June 11 (UNI) Hero Motors, a part of USD 4.3 billion Hero Group, entered a joint venture with Japanese firm Kiriu-Sumitomo Corporation.

According to a Memorandum of Understanding(MoU) signed in this regard, the pact intends technical collaboration for the production of Disc Brake/Drum, Knuckle for the automotive segment named as Munjal Sumi Kiriu Limited.

Hero motors will hold 66.6 percent stakes in the joint venture while 33.4 percent stakes will rest with the latter.

Kiriu Corporation, a Sumitomo subsidiary, has plants in Korea, China, Thailand, Indonesia, Mexico and US.

The MoU was signed between Mr Toshio Nakagawa of Kiriu Corporation and Mr O P Munjal of Hero Group last week, said a release.

UNI