Auto component maker Hero Motors Company said it has acquired a strategic stake in UK-based transmission design technology company Hewland Engineering, for an undisclosed sum. The company said the move would enable Hero Motors to create a competitive, single-source entity to make high-quality transmission products, particularly in the EV segment, for OEMs across North America, Europe and India.

Besides,it will give HMC access to Hewland's established motorsport customer base in the UK, while enabling the latter to further strengthen its product and service portfolio - particularly in the area of transmissions for electrified passenger cars - and aggressively pursue opportunities among global OEMs and Tier One suppliers, it added.

Hero Motors Chairman and Managing Director Pankaj M Munjal said: "This investment represents a significant strategic inflection point for us in the transmission product segment. By combining Hewland's comprehensive design and analysis capabilities with our ability to support high-volume manufacturing we are positioned to offer full stream transmission solutions to global OEMs.”

Shares of Hero Motors Corp Ltd last closed at Rs 3155 per share down by 1.50 pc from its previous closing on the National Stock Exchange.

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