Usha International, a Shriram group company, has finally exited from Honda Siel Cars India Ltd (HSCI), the joint venture with Honda Motors Co, Ltd, Japan.
The company sold its 3.16-per cent stake to its Japanese partner for Rs180 crore. ''Usha, HSCI and Honda Motor Co., Japan, after working together for 16 years to develop HSCI have agreed to end their joint venture,'' the company said in a statement.
Honda has bought the remaining 18 million shares that Usha held in HSCI.
Siddharth Shriram has also ceased to be a director and chairman of HSCI, said the statement from Usha.
HSCI also announced that Usha International had signed an agreement on complete divestment from the company. The two partners had been discussing the most appropriate business framework for future business expansion plans and their own priorities.
''UIL, which held 3.16 per cent shares in HSCI, had shown an interest in divesting from the joint venture to be able to focus and strategically invest to expand their own core business,'' said the HSCI statement. ''Therefore, based on the mutual consent, UIL has sold its shares to the partner Honda Motor Co., Japan.