ICICI Lombard General Insurance Company Limited has announced the acquisition of a 0.35% stake in Hero MotoCorp Limited, one of India’s leading two-wheeler manufacturers. The acquisition, valued at ₹258 crore, was completed during market hours on October 22, 2024.
This investment is part of ICICI Lombard’s regular business operations and does not constitute a related party transaction. The insurer’s promoter group entities may have other business arrangements with Hero MotoCorp at arm’s length.
Hero MotoCorp, incorporated in 1984, has a strong presence in India’s two-wheeler market, manufacturing motorcycles and scooters. The company reported a turnover of ₹37,788 crore for FY 2023-24.
This acquisition further strengthens ICICI Lombard’s investment portfolio, aligning with its strategic growth objectives in the Indian market.
