Tag: Hero MotoCorp

India must keep e-scooter subsidies to boost adoption, says Ather CEO | Company News
Business

India must keep e-scooter subsidies to boost adoption, says Ather CEO | Company News

India will need to keep subsidies for electric scooters for another few years to boost the switch from polluting motorbikes, the CEO of e-scooter maker Ather Energy told Reuters on Saturday. Industry experts believe subsidies such as cash incentives are crucial to India hitting its goal of electrifying 70% of its two-wheeler fleet by 2030, as the world's third-largest importer of oil looks to reduce dependence on fossil fuels. "We've been able to cut down a lot of subsidy reliance, but it's also come at the cost of almost a year's worth of lost growth," Ather CEO and co-founder Tarun Mehta said in an interview. Mehta was referring to the government's surprise decision in May to slash cash incentives for e-scooters to a maximum of 15% of the purchase price befor...
Rs 50 crore assets of Pawan Munjal attached
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Rs 50 crore assets of Pawan Munjal attached

Hero MotoCorp Executive Chairman Pawan Munjal The Enforcement Directorate (ED) has “provisionally attached” assets worth about Rs 50 crore belonging to Hero MotoCorp Executive Chairman Pawan Munjal in connection with a money-laundering investigation against him. These include three immovable properties (in the form of land) in Delhi, the central agency said in a statement on Friday. The ED alleged that Munjal misused the Reserve Bank of India’s (RBI’s) liberalised remittance scheme (LRS) by illegally moving foreign currency and valuable items worth Rs 54 crore abroad and later using them for his personal expenses.    “The foreign currency was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over t...
Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal
Business

Money laundering probe: ED conducts raids against Hero Motocorp executive chairman Pawan Munjal

NEW DELHI: The Enforcement Directorate (ED) on Tuesday conducted raids on the chairman of Hero MotorCorp, Pawan Munjal and others, after taking cognisance of a Directorate of Revenue Intelligence (DRI) case. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.The company has presence across 40 countries spanning Asia, Africa, and South and Central America.However, this recent ED raid is not the first instance of scrutiny for the company and its chairman. The Income Tax department in March last ...
Harley-Davidson banks on Hero Moto partnership to push premium bike sales
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Harley-Davidson banks on Hero Moto partnership to push premium bike sales

With high customs duty impeding sales of its imported big bikes in India, Harley-Davidson is banking on the partnership with Hero MotoCorp to offer locally-produced premium models in the country, according to company's Chairman, President and CEO Jochen Zeitz. India imposes 50 per cent customs duty on imported fully built up bikes, which makes the American cult bike-maker feel that partnering with Hero has turned out to be a good decision after deciding to exit its manufacturing operations in India three years back. In an interaction with PTI, Zeitz noted that the tie-up with Hero MotoCorp is allowing the Milwaukee-based bike maker to go for "volume opportunities" by introducing a competitive product in the Indian market. "And (there is) a lot of upside with mu...
Sensex, Nifty close flat as auto, consumer stocks offset slide in financials
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Sensex, Nifty close flat as auto, consumer stocks offset slide in financials

BENGALURU: Indian shares were little changed on Wednesday as a rise in auto and consumer stocks offset the slide in high-weightage financials.The Nifty index settled 0.05% higher at 19,398.50, while the S&P BSE Sensex fell 0.05% to 65,446.04.Both the indexes had hit all-time highs at each of the four previous sessions.Financials lost 0.82%, dragged by HDFC and HDFC Bank, down over 3% each, after the National Stock Exchange (NSE) announced the exclusion of HDFC from Nifty 50 beginning July 13.Fast moving consumer goods index hit a record high, led by ITC on a report that the process to demerge its hotels business was underway.Among individual stocks, Hero MotoCorp extended gains to a fresh two-year high on the launch of a bike developed with Harley Davidson, while rival Bajaj Auto adva...