HSCI Dissolves Partnership with UIL
There have been news about HSCI and UIL- Usha International Ltd, JV is coming to an end, but now silencing the rumors, final decision has been taken and the 17 year old partnership has been dissolved. The Joint Venture came into existence in 1995. The company has production facilities at Greater Noida and Bhiwadi in Rajasthan. The HSCI- Honda Siel Cars India, line up in India produce Honda City, Honda Accord, Honda Jazz and Brio and import CR-V. The line-up also included the recently discontinued Honda Civic.
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The partners have signed an agreement on complete divestment by UIL where the latter sold its 3.16% shares in HSCI to the partner Honda Motor Co., Japan. Following this, the HSCI will be a 100% Honda subsidiary in India. The formal process of changing the name and other formalities will be completed within the next few months. President & CEO, HSCI, Hironori Kanayama wished UIL a bright future and expressed his appreciation for Siddharth Shriram, who was the HSCI Director and Chairman, for his contributions to the HSCI. (Under the proceeds and the development he has discontinued from the position now.)
Talking about USHA; they have had a relationship with Honda Motor Company since 1985. At that time the Honda Siel power products were known as Shriram Honda Power Equipment Ltd. Even though, Shriram/USHA had no prior experience or background in the automobile segment, yet when Honda choose them to partner with and enter India.
