Usha International has sold 18 Mn shares in the JV at R100 per share to Honda Motor Company, Japan. The deal includes a non-compete fee paid to Usha by Honda.
The proceeds from the stake sale would be applied to the normal development of Usha's business.
Post deal, Siddharth Shriram will cease to be a Director and the Chairman of the HSCI board.
HSCI was incorporated in December 1995 to provide Honda’s latest passenger car models and technologies, to the Indian customers.
Currently, the company has two manufacturing facilities at Greater Noida in Uttar Pradesh and Tapukara in Rajasthan.
HSCI sells passenger vehicles like Honda Jazz, Honda City, Honda Civic and Honda Accord, which are produced at the Greater Noida facility. The premium utility vehicle CR-V is imported from Japan as completely built unit.
Sun Pharmaceutical Industries Limited ended a long drawn effort to take Israelian company Taro Pharma private and upped its buyout price from the earlier $24.50 per share to a new $39.50 per share (raised by 60%).
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