Reuters: Private Equity: India's Hero MotoCorp to merge investment arm with self

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

India's Hero MotoCorp to merge investment arm with self Jun 4th 2012, 10:56 June 4 | Mon Jun 4, 2012 6:56am EDT June 4 (Reuters) - Hero MotoCorp, India's largest two-wheeled vehicle manufacturer, has approved a proposal to merge the investment arm of its parent into the automaker, the company said in a statement on Monday. Private equity funds Bain Capital will hold 8.58 percent and the Government of Singapore Investment Corp (GIC) will own 3.71 percent in the automaker through wholly-owned Indian units after the merger, the company said. The private equity firms' investments in Hero Investments, a promoter-controlled holding company, were used to help repay debt from the $851 million purchase of former partner Honda Motor's 26 percent stake in the automaker in March 2011. (Reporting by Henry Foy in MUMBAI; editing by Malini Menon)

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