B M Munjal family retains rights to Hero Group

NEW DELHI: The family led by B M Munjal and his sons, owners of the Indian promoter's stake in Hero Honda, will be officially known as the Hero Group, following the division of the $4.2 billion group.

In June, the diversified group was divided on a simple principle of ending the numerous cross holdings between the families of B M Munjal and his three brothers - O P Munjal, Satyanand Munjal and Late Dayanand Munjal.

According to sources, as part of a family settlement, the rights of the Hero Group went to the B M Munjal family. However, existing businesses belonging to the families of his three brothers would be allowed to retain the Hero brand.

After the settlement, Hero Honda, Hero Corporate Services , Rockman Cycles Industries , Hero Mindmine Institute, Easy Bill and Hero Management Service have gone to family of B M Munjal.

While other entities such as Hero Cycles, Hero Motors and Munjal Sales Corporation went to O P Munjal, the members of late Dayanand Munjal, represented by his son Vijay Munjal are now the owners of Hero Exports, Hero Electric, Hero Cycles (Unit II) and Sunbeam Auto.

Satyanand Munjal's family got Munjal Showa, Munjal Auto, Highway Industries, Majestic Auto and Satyam Autotech.

The Hero group, which officially came into existence in 1956, had started its activities in early 1940s as a bicycle maker by the four brothers.

The group currently has over 20 firms, most of which are related to two-wheeler industry.