Hero MotoCorp

Last updated

Hero MotoCorp Limited
FormerlyHero Honda
Company type Public
ISIN INE158A01026
Industry Automotive
Founded19 January 1984;41 years ago (1984-01-19)
Founder Brijmohan Lall Munjal
Headquarters New Delhi, India
Key people
Products
Production output
Increase2.svg 7,587,130 units (2018)
RevenueIncrease2.svg₹34,727 crore (US$4.0 billion) (FY2023) [2]
Increase2.svg₹3,863 crore (US$450 million) (FY2023) [2]
Increase2.svg₹2,799 crore (US$320 million) (FY2023) [2]
Total assets Increase2.svg₹23,917 crore (US$2.8 billion) (FY2023) [2]
Total equity Increase2.svg₹16,780 crore (US$1.9 billion) (FY2023) [2]
Number of employees
8,599 (2020) [2]
Subsidiaries Vida EV
Website www.heromotocorp.com OOjs UI icon edit-ltr-progressive.svg

Hero MotoCorp Limited is an Indian multinational motorcycle and scooter manufacturer headquartered in Delhi. It has a market share of about 30% in the Indian two-wheeler industry. [3] The Munjal family, with its 34.75% stake, is the biggest shareholder in the company as of 2024. [4]

Contents

History

Hero Honda started its operations in 1984 as a joint venture between Hero Cycles of India and Honda of Japan. [5] [6] "Hero" is the brand name used by the Munjal brothers for their flagship company, Hero Cycles Ltd. A joint venture between the Hero Group and Honda Motor Company was established in 1984 as the Hero Honda Motors Limited at Dharuhera, India. [7] Munjal family and the Honda group both owned a 26% stake in the company. [8]

During the 1980s, the company introduced low cost motorcycles in India. It was noted for its advertising campaign based on the slogan 'Fill it – Shut it – Forget it' emphasizing fuel efficiency. In 2001, the company became the largest two-wheeler manufacturing company in India. [9]

Termination of Honda joint venture and the renaming

Hero Honda Passion Hero Honda Passion motorcycle.jpg
Hero Honda Passion
Hero Honda Karizma R Hero Honda Karizma R in a rare blue shade.jpg
Hero Honda Karizma R

By December 2010, the board of directors of the Hero Honda Group had decided to terminate the joint venture between Hero Group of India and Honda of Japan in a phased manner. The Hero Group would buy out the 26% stake of the Honda in JV Hero Honda. [10] Under the joint venture, Hero Group could not export to international markets (except Bangladesh, Nepal and Sri Lanka) and the termination would mean that Hero Group could now export. [11]

Honda exited the joint venture through a series of off-market transactions by giving the Munjal family, which held a 26% stake in the company. Honda, wanting to focus only on its independent fully owned two-wheeler subsidiary, Honda Motorcycle and Scooter India (HMSI), exited Hero Honda at a discount and get over ₹6,400 crore (equivalent to ₹140 billionorUS$1.7 billion in 2023) for its stake. The discount was between 30% and 50% to the current value of Honda's stake as per the price of the stock after the market closed on 16 December 2010. [12]

The differences between the two partners had become apparent for a few years before the split over a variety of issues, ranging from Honda's reluctance to fully and freely share technology with Hero (despite a 10-year technology tie-up that expired in 2014) as well as Indian partner's uneasiness over high royalty payouts to the Japanese company. Another major irritant for Honda was the refusal of Munjal family to merge the Hero Honda's spare parts business with Honda's new fully owned subsidiary, HMSI. [12]

As per the arrangement, it was a two-leg deal: In the first part, the Munjal family, led by Brijmohan Lal Munjal group, formed an overseas-incorporated special purpose vehicle (SPV) to buy out Honda's entire stake, which was backed by bridge loans. This SPV was eventually opened for private equity participation, and those included Warburg Pincus, Kohlberg Kravis Roberts (KKR), TPG, Bain Capital and The Carlyle Group. [13] In June 2012, Hero MotoCorp approved a proposal to merge the investment arm of its parent Hero Investment Pvt. Ltd. with the automaker. This decision came 18 months after its split from Hero Honda. [14]

Formation of the new company

The name of the company was changed from Hero Honda Motors Limited to Hero MotoCorp Limited on 29 July 2011. [15] The new brand identity and logo of Hero MotoCorp were developed by the British firm Wolff Olins. [16] The logo was revealed on 9 August 2011 in London, to coincide with a cricket match between England and India. [16]

Hero MotoCorp can now export to Latin America, Africa, and West Asia. [16] Hero is free to use any vendor for its components instead of just Honda-approved vendors. [16]

On 21 April 2014, Hero MotoCorp announced its plan on a ₹254 crore (equivalent to ₹406 croreorUS$47 million in 2023) joint venture with Bangladesh's Nitol-Niloy Group in the next five years to set up a manufacturing plant in Bangladesh. The plant started production in 2017 under the name "HMCL Niloy Bangladesh Limited". Hero MotoCorp owns 55% of the manufacturing company and the rest 45% is owned by Niloy Motors (A subsidiary of Nitol Niloy Group). [17] Hero also updated its 100cc engine range in 2014 for 110cc bikes except for Hero Dawn. [18]

Equity investments

In July 2013, HMC acquired 49.2% [19] shareholding in Erik Buell Racing, a motorcycle sport company which produced street and racing motorcycles based in East Troy, Wisconsin, United States. EBR filed for bankruptcy in 2015 [20] and Hero MotoCorp proceed to acquire certain assets for ₹18.2 crore (equivalent to ₹31 croreorUS$3.6 million in 2023)., [21]

HMC invested ₹205 crores (US$30.5 million) as a Series B round of funding in October 2016 and gained a 32.31% stake in Ather Energy, a start-up company manufacturing electric scooters. It invested a further ₹130 crores (US$19 million) in 2018. [22] HMC's share in Ather Energy has grown up to 34.58% since 2016. [23] [24]

Operations

Hero MotoCorp has five manufacturing facilities based at Dharuhera, Gurugram, Neemrana, Haridwar and Halol. A new manufacturing facility is in the process of being set up in Chittoor in Andhra Pradesh. Spread over 600 acres, the company has invested 1600 crores in setting up this greenfield facility. [25] These plants together have a production capacity of over 7.6 million two-wheelers per year. [26] Hero MotoCorp has a sales [27] and service network with over 6,000 dealerships and service points across India. It has had a customer loyalty program since 2000, called the Hero Honda Passport Program which is now known as Hero GoodLife Program. [28] As of 31 March 2020, the company has an annual capacity of 9.1 million units in its eight manufacturing facilities. Apart from these manufacturing facilities the company also has two R&D facilities, in Germany & Jaipur. [29]

It is reported that Hero MotoCorp has five joint ventures or associate companies, Munjal Showa, AG Industries, Sunbeam Auto, Rockman Industries, and Satyam Auto Components, that supply a majority of its components. [30]

Its most popular bike, the Hero Splendor sold more than one million units per year. [31]

Hero MotoCorp launched XPulse 200 adventure motorcycle in India on 1 May 2019, along with the XPulse 200T touring motorcycle. [32]

In January 2021, Hero MotoCorp's production exceeded 100 million. [33] As of 2021, Hero is the only Indian automobile brand to exceed 100 million in production. [33]

Hero MotoCorp launched an online virtual showroom in 2021. [34]

Products

Motorcycle

1. Hero Splendor Series:

2. Hero HF Series:

3. Hero Passion Series:

4. Hero Glamour Series:

5. Hero Xpulse Series:

6. Hero Xtreme Series:

7. Hero Karizma Series:

8. Hero Other Models:

Scooter

1. Hero Maestro Series:

2. Hero Destini Series:

3. Hero Xoom Series:

4. Hero Pleasure Series:

Discontinued

Hero also manufactures the Vida V1 and Vida V2 brand of electric scooters as its parent company VIDA is held as a subsidiary of Hero MotoCorp. [35]

Listings and shareholding

The equity shares of Hero MotoCorp are listed on the Bombay Stock Exchange, [36] and the National Stock Exchange of India, [37] where it is a constituent of the NIFTY 50. [38]

As on 31 December 2013, the promoters Munjal Family held around 40% equity shares in Hero MotoCorp. Over 601,000 individual shareholders hold approx. 7.44% of its shares. [39] Foreign Institutional Investors hold approx. 30% shares in the company. [39]

Shareholders of Hero MotorCorp, as of 31 March 2020
ShareholderPercent ownership [39]
Promoter Group34.6%
Foreign Institutional Investors (FII)34.3%
Non-Resident Indians (NRIs)0.4%
Indian Public8.3%
Insurance companies8.3%
Mutual Funds / UTI8.2%
Bodies Corporate1.40%
Financial Institutions / Banks2.0%
Others2.5%
Total100%

Employees

As of 31 March 2014, the company had 6,782 employees, out of which 66 were women (1.1%). It also had approx 13,800 temporary employees on that date. [15]

Awards and recognition

Other initiatives

In 1992, the company started Raman Kant Munjal Foundation (RKMF) in 1992, which oversees the Raman Munjal Vidya Mandir and BML Munjal University.[ citation needed ]

Sponsorship

Hero has been the sponsor of the Caribbean Premier League, a twenty-20 cricket franchise, since 2018. [42] Since 2014, Hero has sponsored the Hero World Challenge golf tournament. [43] Hero also sponsors two British events on the Golf European Tour: English Open (known as the Hero Open) and the Betfred British Masters. Hero is also a partner of Spanish club Atlético Madrid. [44]

Hero were also the title sponsors of the first ever senior FIH World Hockey5s in 2022. [45]

Football

Hero sponsored India's football leagues, the Indian Super League, I-League, I-League Qualifiers, Futsal Club Championship, Indian Women's League, Senior NFC for Santosh Trophy, Super Cup, Youth League and previously Federation Cup. They were also the principal sponsors of all India national and developmental football team kits. They pulled out from all the sponsorships in 2023 due to internal issues. [46]

Allegations of tax evasion

In March 2022, the Income tax department conducted raids on offices and several other locations of Hero MotoCorp. Following this, the department stated in a report that the two-wheeler giant had made bogus claims of expenses to the tune of Rs 1000 crore. [47]

See also

Related Research Articles

<span class="mw-page-title-main">Hero Honda CBZ Series</span> Motorcycle manufactured by Hero Honda

The Hero Honda CBZ is a motorcycle launched in early 1999 by Hero Honda, with an original Honda 156.8cc single-cylinder engine. The styling of the bike was a scaled version of the Honda CB series.

<span class="mw-page-title-main">Honda NH series</span> Type of motorcycle

The NH series of Honda scooters was sold worldwide beginning in 1983, in 50, 80, 90, 100 and 125cc versions. All models have an air-cooled two-stroke engine with CDI ignition. All models except the Lead 50 have leading link front suspension, electric and kick start, and a fuel gauge. The Lead 50 has a traditional telescopic fork front suspension and only electric start. All models have drum brakes and CVT transmission.

<span class="mw-page-title-main">Splendor (motorcycle)</span> Motorcycle Manufactured by Hero MotorCorp

The Hero Splendor is an entry-level motorcycle manufactured in India by Hero MotoCorp. It has an electronic ignition and a tubular double cradle type frame with a 97.2 cc (5.93 cu in) engine. The engine is based on the Honda Cub C100EX with a similar bore and stroke of 50 mm × 49.5 mm. As of 2009, Splendor models were selling at a rate of one million units per year.

<span class="mw-page-title-main">Hero Passion</span> Type of motorcycle

The Hero Passion is a motorcycle made in India by Hero Motocorp.

Karizma may refer to:

<span class="mw-page-title-main">Honda Activa</span> Type of motorcycle

The Honda Activa is a motor scooter made by Honda Motorcycle and Scooter India (HMSI). It was launched in India in May 1999. Production in Mexico began in 2004. It is a 109/125 cc, 7 bhp (5.2 kW) scooter. The vehicle has the option of kick- and self-start.

<span class="mw-page-title-main">Hero Honda Karizma R</span> Karizma R sports bike manufactured by Hero Honda

The Hero Honda Karizma R is a motorcycle launched as a successor of Hero Honda Karizma. It was launched in 2007 and was given a minor cosmetic update in 2011. In September 2009, it was supplemented by a full faired variant Karizma ZMR with Programmed fuel injection. After the separation of Hero Honda joint venture, They rebranded the same model in 2012 as Hero Karizma R and it got a generation update in 2014 with new styling,clip on handle bar setup and performance changes.Karizma R front side.jpg

<span class="mw-page-title-main">Hero Honda Karizma</span> Motorcycle manufactured by Hero Honda

Hero Honda Karizma was a premium motorcycle manufactured by Hero Honda. It was first launched in May 2003, given a facelifted update with some change in graphics in 2006. After that the Hero Honda was given a cosmetic upgrade and relaunched as Karizma R in 2007. In September 2009, it was supplemented by another variant Karizma ZMR with programmed fuel injection in 2009. The production of this motorcycle stopped in 2019 due to poor sales and it was Relaunched on 29 August 2023 As Karizma XMR.

The Hero Honda Karizma ZMR is a mid-range sport-tourer motorcycle manufactured in India, first by a partnership of Hero Honda and later years by Hero Motorcorp. The motorcycle was in the market for a long time; beginning with its first launch in 2003 under the Karizma brand, its rebranding in 2007 under the Karizma R brand. Further, the Karizma R brand was a given a cosmetic upgrade in September 2009 resulting in its change in the name to Karizma ZMR. There was minor difference between its engine and that of its predecessor Karizma R. The minor differences lied in the design of fairing, headlights, addition of digital speedometer, rear disc brake, gas charged rear swing-arm suspension and the fuel-injection system instead of the carburettor. In 2014, the ZMR was relaunched with EBR inspired design and the same, but improved engine tuned to deliver more power and torque. In addition, the tail-light design was changed as well as widening of the rear tyre to improve handling following previous critical reviews.

<span class="mw-page-title-main">Honda Shine</span> Type of motorcycle

The Honda Shine is a 125cc and 100cc motorcycle developed by Honda Motorcycle & Scooter India (HMSI) and Bangladesh Honda Private Limited (BHL), first introduced in India in 2006. It was a 4-speed motorcycle. It is one of the best-selling motorcycles in India in the 125cc segment. The motorcycle has seen numerous improvements every year as Honda releases new revisions every year that are either cosmetic changes like new colors & graphics, or little features like compliance with Bharat BS-IV emission norms as required in Indian subcontinent. The 2019 Honda CB Shine brings new 5-spoke alloy wheels and chrome featuring headlamps, along with usual graphic changes.

The Dream Yuga is a 109 cc (6.7 cu in) single-cylinder motorcycle manufactured by Honda's Indian subsidiary HMSI, starting production in 2012. It was announced by Honda in January 2012 at the Delhi Auto Expo, and was available to consumers in India in May 2012. At 44,642 Indian Rupees, the motorcycle is billed as one of the least expensive Honda motorcycle currently produced, and the least expensive Honda motorcycle ever made, adjusting for inflation.

Om Prakash Munjal was an Indian businessman, poet and philanthropist. He was the founder and chairman of Hero Cycles, the world's largest integrated bicycle manufacturing company by volume and Hero Motors, an Indian two-wheeler components manufacturer, and ventured into newer business fields including luxury hotels and four-wheeler components. He is also known for philanthropic activities of running various schools and hospitals. He died on 13 August 2015 at DMC Hero Heart Centre, Ludhiana.

<span class="mw-page-title-main">Super Splendor</span> Motorcycle model

The Super Splendor is a standard lightweight motorcycle produced since 2005 by Hero Honda. Since it was released, this motorcycle has gone through numerous changes. The horizontal engine gave it extra stability. It is the ultimate edition in the series Hero Honda Splendor manufactured by Hero Honda. Later, it was re-modeled by Hero MotoCorp, giving it new functions like digital speedometer, a front disc brake replacing the drum brake, and a new look with alloy wheels.

<span class="mw-page-title-main">Rockman Industries</span>

Rockman Industries, formerly Rockman Cycles limited, is an Indian auto components manufacturer, based in New Delhi, India. The company is one of India's largest auto component manufacturers. Rockman Industries is primarily engaged in the manufacturing of aluminum die casting components, machined and painted assemblies, auto chains and parts. In January 2017, Rockman Industries entered the carbon composites sector with the acquisition of Moldex Composites, a UK-India carbon composite design and manufacturing company. Rockman was founded in 1960 and is led by Suman Kant Munjal, Chairman and Ujjwal Munjal, Managing Director.

Hero FinCorp, an associate company of Hero MotoCorp, is an Indian Non-banking financial company (NBFC). The company is currently engaged in consumer finance businesses and commercial lending. Consumer Finance includes financing Hero MotoCorp Two Wheeler, Loyalty Customer Loans and providing Loans against property. On the commercial lending side it provides Indian corporates with a wide portfolio of financing products which include working capital loans, machine loans among others. It is a captive finance company of Hero MotoCorp Ltd.

Ather Energy is an Indian electric two-wheeler manufacturer headquartered in Bangalore. It was founded by Tarun Mehta and Swapnil Jain in 2013. It currently manufactures electric scooters including the Ather 450 Apex, Ather 450S, Ather 450X, Ather 450X Pro, and Ather Rizta. It has EV manufacturing facilities in Whitefield, Bangalore and Hosur, Tamil Nadu.

<span class="mw-page-title-main">Hero XPulse 200</span> Type of motorcycle

The Hero XPulse 200 is an Indian dual sport motorcycle manufactured by Hero MotoCorp, premiering in February 2019 and launched on 1 May 2019.

<span class="mw-page-title-main">Brijmohan Lall Munjal</span> Indian businessman

Brijmohan Lall Munjal was an Indian entrepreneur and the founder of Hero Group.

<span class="mw-page-title-main">Hero Honda Ambition</span> Motorcycle manufactured by Hero Honda

The Hero Honda Ambition is a commuter motorcycle launched by Hero Honda in 2002 with similar engine architecture as the Hero Honda CBZ, with a reduced bore diameter but same stroke. This gave the Ambition a 133.3 cc (8.13 cu in) swept volume single-cylinder engine.

References

  1. ↑ "Board of Directors - Hero MotoCorp Ltd". Hero MotoCorp. Archived from the original on 17 July 2021. Retrieved 19 January 2014.
  2. 1 2 3 4 5 6 "Hero Motocorp Profit & Loss account, Hero Motocorp Financial Statement & Accounts" (PDF). MoneyControl. Archived (PDF) from the original on 15 May 2023. Retrieved 20 October 2020.
  3. ↑ Bhatia, Shubhangi (9 May 2024). "Hero MotoCorp confident of gaining market share this year; to set up new unit in Brazil - ET Auto". ETAuto.com. The Economic Times. Retrieved 28 November 2024.
  4. ↑ "Statement showing shareholding pattern of the Promoter and Promoter Group". BSE. Retrieved 28 November 2024.
  5. ↑ "Milestones". Hero MotoCorp. Retrieved 15 January 2014. "Honda to Sell Hero Stake at Half Market Price". The Wall Street Journal . 9 March 2011. Archived from the original on 14 March 2016. Retrieved 15 January 2014.
  6. ↑ "Hero gets Honda stake at big discount". The Economic Times . 9 March 2011. Archived from the original on 16 January 2014. Retrieved 15 January 2014.
  7. ↑ "Hero MotoCorp: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Hero MotoCorp". www.ndtv.com. 30 October 2023. Retrieved 30 October 2023.
  8. ↑ "Hero Honda announces realignment of Munjal family stake in the company". The Economic Times. 19 July 2010. Retrieved 30 October 2023.
  9. ↑ Saran, Rohit (10 September 2001). "Riding on a motorcycle boom, Hero Honda becomes India's largest two-wheeler maker". India Today. Retrieved 28 November 2024.
  10. ↑ "Hero to buy out Honda's stake". The Indian Express. Retrieved 18 December 2010.
  11. ↑ "Munjal family & Honda Motor to discuss Hero Honda split today". The Times of India. 16 December 2010.
  12. 1 2 "Hero, Honda split terms finalized – The Times of India". The Times of India.
  13. ↑ Hero approves Honda's exit from Hero Honda, India Infoline news service, archived from the original on 21 September 2012, retrieved 25 November 2012
  14. ↑ "Investment arm to merge with Hero MotoCorp". The Hindu. 5 June 2012. Retrieved 15 January 2014.
  15. 1 2 "Annual Report 2016-17" (PDF). Hero MotoCorp. 3 April 2018. Archived (PDF) from the original on 17 July 2021. Retrieved 3 April 2018.
  16. 1 2 3 4 "Hero goes global; to unveil new brand identity in London – Corporate News". livemint.com. 25 July 2011. Retrieved 4 August 2011.
  17. ↑ "Hero MotoCorp forms JV in Bangladesh; to set up manufacturing plant". 21 April 2014. Archived from the original on 3 July 2015. Retrieved 2 July 2015.
  18. ↑ Mathai, Lijo (7 November 2019). "Hero 100-110cc motorcycles that could have been gamechangers: Passion Pro TR, Splendor Classic and more". Financialexpress. Retrieved 30 October 2023.
  19. ↑ "Hero MotoCorp picks up 49.2% stake in US-based Erik Buell Racing for $25 million". The Economic Times. 1 July 2013. Archived from the original on 5 July 2013. Retrieved 19 January 2014.
  20. ↑ "Erik Buell Racing Closes Down".
  21. ↑ "Business News Today: Read Latest Business news, India Business News Live, Share Market & Economy News". Archived from the original on 18 October 2015.
  22. ↑ "Hero Motocorp Share Price, Hero Motocorp Stock Price, Hero Motocorp Ltd. Stock Price, Share Price, Live BSE/NSE, Hero Motocorp Ltd. Bids Offers. Buy/Sell Hero Motocorp Ltd. news & tips, & F&O Quotes, NSE/BSE Forecast News and Live Quotes". www.moneycontrol.com. Retrieved 27 May 2021.
  23. ↑ "Hero MotoCorp To Invest Up To ₹ 205 Crore In Ather Energy". NDTV Auto.
  24. ↑ "Hero MotoCorp to refuel Ather Energy with $19 mn". VCCircle. 25 July 2018. Archived from the original on 30 July 2018. Retrieved 30 July 2018.
  25. ↑ "Hero MotoCorp starts new work in Andhra Pradesh". The Economic Times. 23 March 2018. Retrieved 23 July 2012.
  26. ↑ "Hero MotoCorp plans 6th plant, scouts for the site in South India". The Economic Times. 17 June 2014. Retrieved 17 July 2017.
  27. ↑ "Hero MotoCorp August sales up 7%, TVS down 1% — Bajaj Auto numbers awaited". Business Insider.
  28. ↑ "Hero MotoCorp New Two Wheelers, Motorcycles, Two Wheelers in India". goodlife.heromotocorp.com. Retrieved 17 July 2017.
  29. ↑ "Annual Report, 2019-20" (PDF).
  30. ↑ Nandini Sen Gupta (10 March 2011). "Hero-Honda split: Honda restrategizing its vendor policy". The Economic Times.
  31. ↑ "Every Village, Every Home". Forbes. Vol. 183, no. 12. June 2008. p. 80. ISSN   0015-6914.
  32. ↑ Mitra, Anirban (1 May 2019). "Hero Xpulse 200T: Hero launches XPulse 200, XPulse 200T and Xtreme 200S, starting Rs 94,000". The Times of India. Retrieved 30 October 2023.
  33. 1 2 "ഹീറോ: നിർമാണത്തിൽ 10 കോടി പിന്നിട്ട ഏക ഇന്ത്യൻ ഓട്ടോമൊബൈൽ ബ്രാൻഡ്". Mathrubhumi (in Malayalam).
  34. ↑ Sharma, Swati (13 May 2021). "Hero MotoCorp Launches Virtual Showroom To Sell Vehicles". motorgyan.com.
  35. ↑ "About Us". www.vidaworld.com. Retrieved 4 December 2024.
  36. ↑ "Hero MotoCorp Ltd". BSEindia.com. Retrieved 23 January 2014.
  37. ↑ "Hero MotoCorp Limited". NSE India. Archived from the original on 16 April 2016. Retrieved 23 January 2014.
  38. ↑ "Download List of CNX Nifty stocks (.csv)". NSE India. Archived from the original on 13 October 2013. Retrieved 23 January 2014.
  39. 1 2 3 "Shareholding Pattern - March 2020". Hero Motor Corp. Archived from the original on 27 May 2021. Retrieved 27 May 2021.
  40. ↑ "The World's Most Reputable Companies". Forbes. 21 November 2006. Retrieved 15 January 2014.
  41. ↑ "India's Most Trusted Brands 2014". Archived from the original on 2 May 2015.
  42. ↑ "HERO MOTOCORP EXTENDS TITLE SPONSORSHIP OF CARIBBEAN PREMIER LEAGUE FOR THREE YEARS CPL T20". www.cplt20.com. Retrieved 20 October 2023.
  43. ↑ "Hero World Challenge Sponsors". Hero World Challenge. Retrieved 20 October 2023.
  44. ↑ "Hero MotoCorp announced as the Title Partner of Hero Open". Challenge Tour. 14 July 2020. Retrieved 30 October 2023.
  45. ↑ "Hero named title sponsor of FIH Hockey5s Lausanne 2022". International Hockey Federation. 3 May 2022. Retrieved 20 October 2023.
  46. ↑ Joshi, Rutvij. "Hero MotoCorp pulls out of ISL & Indian football sponsorship". Khel Now. Retrieved 20 October 2023.
  47. ↑ "Rs 1,000 crore bogus expenses detected in I-T raid on Hero Motocorp; stock slides 7%". Moneycontrol. 29 March 2022. Retrieved 29 March 2022.
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