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Honda and Hero Honda Renew Technical Collaboration Agreement

Wednesday, June 02, 2004

- Honda to continue to provide Hero Honda with full and latest technological support

- Honda and Hero Honda to develop and expand the two-wheeler business in India

- Agree to strengthen model line up

Honda Motor Co. Ltd., Japan, today renewed its Technical Collaboration Agreement with Hero Honda Motors Ltd., one of its most successful two-wheeler Joint Ventures worldwide. The agreement has been renewed for another 10 years, uptill 2014.

The Technical Collaboration Agreement was signed today by Mr. S. Toshida, Managing Director and Chief Operating Officer for Regional Operations (Asia and Oceania), Honda Motor Co. Ltd., Japan and Mr.Pawan Munjal, Managing Director , Hero Honda Motors Ltd.

Hero Honda Motors Ltd., had inked an Equity and Technical Collaboration Agreement with Honda in 1984, which was renewed in 1994 and is now renewed for another 10 years.

The Hero Group and Honda own 26 per cent stake each in Hero Honda, which is the world’s single largest two-wheeler maker. The remaining shareholding is in the hands of the public.

Addressing the media immediately after the signing ceremony, Mr. S. Toshida said, “ Hero Honda has been one of the most successful two-wheeler joint ventures of Honda worldwide and this relationship will only be made stronger and solid.

Further elaborating, he said, “Honda would continue to provide Hero Honda with the latest and most advanced engine technology, with full technical support and assistance for new product introductions and for any other area of our joint operations. Hero Honda will definitely be a core part of Honda’s integrated India strategy to develop business in India.

Honda has strengthened its R&D facilities in India and together with R&D in Japan will continue to provide Hero Honda with the Leading Edge Honda Technology.”

Mr. Brijmohan Lall, Chairman, Hero Honda Motors Limited said, “Hero Honda is a ‘Showcase’ of an ideal partnership where both partners have combined their unique strengths and created the ‘World No.1’ two-wheeler company. The successful relationship that has matured over the last 20 years will continue to grow even stronger.

Elaborating on the New Product strategy front Mr. Brijmohan Lall said, “New models to be introduced have been finalized till the year 2008. In fact Hero Honda will launch two new products this fiscal itself .”

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