INDIA, DELHI: Shriram team company Usha Worldwide on Saturday said it has left from its partnership with Ford Engine Organization by promoting its entire 3.16 % discuss to the Japoneses associate for Rs 180 crore.
"Usha, Ford Siel Vehicles Native indian Ltd and Ford Engine Organization, Asia, after working together for 16 years to create Ford Siel Vehicles Native indian Ltd (HSCI) have decided to end their partnership," the household associate said in a declaration.
Following this decision, Ford Engine Co has "purchased all of the stocks (18,000,000) that Usha organised in Ford Siel Vehicles Native indian Ltd", it included.
The Native indian enterprise further said the discuss sale has been discussed at a price of Rs 100 per discuss, comprehensive of a non-compete fee.
"According to the contract with HM (Honda Motor), Siddharth Shriram has stopped to be a Home and the Chair in HSCI," Usha said.
In a individual declaration, HSCI said that the two JV associates have finalized an contract on complete divestment by Usha Worldwide Ltd (UIL).
"UIL, which organised 3.16 % stocks in HSCI, had proven an interest in divesting from the partnership to be able to focus and tactically spend to flourish their own primary company. Therefore, based on the common approval, UIL has available its stocks to the associate Ford Engine Co, Asia," it included.
Following this, HSCI will now be a 100 % Ford additional in Native indian.
"The process of modifying the organization name and other requirements will be finished over the next few months," the car manufacturer said.
Usha has had a connection with the Japoneses auto major since 1985 when Ford Siel Energy Products (formerly known as Shriram Ford Energy Equipment Ltd) was started.
The team became Honda's associate when it was looking to get into the Native indian automobile market.
"Usha seems that it was unavoidable that some day the separating would come because vehicles are not really Usha's immediate company," the declaration said.
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