When the two biggies, Hero and Honda parted each other,from their big venture Hero Honda, they made a mutual agreement between themselves. The agreement included continuation of ties between them regarding the technology used.
The agreement was till 2014, it was reported in Standard, within a year of having parted ways with Honda Motor Corporation, Hero MotoCorp plans to launch its own range of two-wheelers before 2014 without its former partner's name.
"We had been scouting for several partners globally and have now started work with some of them. There are collaborations in progress." said Anil Dua, vice-president (marketing and sales), Hero MotoCorp.
According to the report, Hero MotoCorp, has 45 per cent market share of the two-wheeler market, its now rival Honda is the fourth largest player with 13.8 per cent. Top Hero executives said they had tied up with providers globally and commenced work on the company's first product to be developed mainly at its own research and development centre.
"We have the right to use the Honda till June 2014. However, we are not taking a breather. We have already launched our new corporate identity and introduced Impulse, the first product under the Hero brand. We would work faster than has been outlined. The first product developed independently would happen much faster than expected." he added.
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