The country's largest two-wheeler maker Hero Honda Motors
on Friday said it has changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda
, from the company.
The company is also in the process of introducing a new global brand identity in London next month.
"Hero Honda Motors Ltd (HHML) was today formally renamed as Hero MotoCorp Ltd. In the run-up to the unveiling of its new global brand identity, the world's largest two-wheeler manufacturer received the necessary statutory approval from the Registrar of Companies (RoC) today for the changeover to the new name," the company said in a statement.Hero Honda to reveal new brand on Aug 9
Earlier last month, the shareholders of the company had approved the changing of the name.
"It is not just a change of name, it marks the ushering in of a new era that will unlock the immense potential of this company to build its own capabilities to grow beyond boundaries and set new benchmarks," Hero MotoCorp Chairman Brijmohan Lall said.
Commenting on the development, Hero MotoCorp Managing Director and CEO Pawan Munjal said: "It marks the beginning of a new era of innovations -- be it in the field of technology and product development or customer satisfaction and expanding our footprint across global markets."
Earlier, in March this year, the company had hired global brand and innovation specialist Wolff Olins to create its new brand identity. A part of the Omnicom group, Wolff Olins was mandated to work on the new brand identity in its totality, including the brand architecture, name, logo and positioning.MUST READ
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Later on, in May, the two-wheeler major roped in Law & Kenneth (L&K) as a creative partner to launch and establish the new brand of the company. The independent brand communications firm was mandated to devise the new brand positioning of the company.
It embarked on the journey to acquire a new brand name after the two joint venture partners of HHML - Hero Group of India and Honda Motor Co - decided to part ways in December last year. The Hero Group had agreed to buy out Honda's 26 per cent stake in HHML for Rs 3,841.83 crore.
As per an agreement signed between the two erstwhile partners, Hero can use the Honda brand till 2014, but the Indian group wants to acquire a new identify of its own at the earliest in order to maintain its leadership position.
Hero Group and Honda had signed a new licencing agreement in March under which the Indian firm will pay Honda 45 billion yen (about Rs 2,450 crore) till 2014.
Shares of the company were trading 1.17 per cent down at Rs 1,800.75 apiece on the Bombay Stock Exchange in the afternoon on Friday.