As per reports, Honda has made declaration about the change of the corporate name of its completely possessed Indian car division to ‘Honda Cars India Limited’.
The move arrives just a month after the Japanese auto manufacturer took over the equity stake (3.16 per cent) of Indian JV associate, Usha International, after a joint venture of 16years.
In a report, Honda Cars India Ltd (HCIL) stated that the name modification will be with instantaneous effect according to the fresh Certificate of Incorporation forwarded by the Registrar of Companies, NCT of Delhi and Haryana.
In August 2012, Honda purchased Usha International’s completee quity holding for around Rs.180 crore in the joint venture that was set upduring December 1995.
HCIL President & CEO Hironori Kanayama stated that the company was dedicated to the Indian market and would carry on launching most modern products from Honda.
Honda Cars India Ltd reconstituting of the Indian car biz takes placeowing todull sales presentationdue to non-accessibility of diesel engines and a limited mass section models.
During the last financial year, the sales remained down by 8.47% to 54,427 units.