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Hero Honda, Munjals promoted Hero Group on Thursday said it will buy the entire 26 per cent stake of its Japanese partner Honda in the company for an undisclosed amount. Breaking its 26-year-old joint venture with Honda

The Hero Group and Honda hold 26 per cent each in Hero Honda that started operations in 1984 to become the world’s largest two-wheeler maker today.

As part of a new licensing agreement with Honda, the Hero Group will buy Honda’s 26 per cent stake in Hero Honda.

“This is the most important announcement I have made in last 25 years. The board has approved an MoU between Hero Honda and Honda,” Hero Honda managing director and CEO Pawan Munjal told reporters.

More about Munjal Group >

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