ICICI Lombard General Insurance Company Limited — JV/Acquisition, 22-10-2024: Acquisition

ICICI Lombard General Insurance Company has announced its acquisition of a stake in Hero Motocorp Limited, a leading two-wheeler manufacturer in India, for ₹2.58 billion. The investment, representing 0.35% of Hero Motocorp, is in the ordinary course of business and does not constitute a related party transaction. The acquisition is set to occur during market hours, with cash as the consideration. Hero Motocorp, incorporated in 1984, reported a turnover of ₹377.88 billion for FY 2023-24.