India’s leading electric two-wheeler maker Hero Electric has withdrawn its petition seeking injunction against India’s largest two-wheeler maker Hero MotoCorp for allegedly using the ‘Hero’ brand for electric vehicles (EVs). According to reports, the Delhi High Court has constituted an arbitral tribunal to resolve the dispute between Hero MotoCorp and Hero Electric. The point is that Hero MotoCorp is planning to use the Hero brand name for its upcoming EV range. Hero Electric’s chief, Vijay Munjal’s son Naveen Munjal, Hero MotoCorp’s chairman, is engaged in a legal battle with his uncle Dr Pawan Munjal, saying his family has no say in using the ‘Hero’ brand for EV products. has a special right.
Read also: Hero Electric moves court to claim Hero brand for EVs
Dr. Pawan Munjal with an advanced prototype of Hero MotoCorp’s upcoming electric scooter. The new EV is expected to be launched in March 2022.
According to a news report, Hero MotoCorp’s counsel, who appeared before the court-appointed arbitration tribunal, has confirmed that the company has been accused of using the brand ‘Hero’ in relation to its upcoming electric vehicle series since Hero Electric. There is no restriction. Withdrew his application for interim relief. Hero MotoCorp is the market leader in internal combustion engine two-wheelers, and is getting ready to launch its first electric vehicle next month. The company has also formed a joint venture with Taiwan-based Gogoro Inc., owner of the world’s largest battery swapping network. Hero MotoCorp is also one of the early investors in Bengaluru-based EV maker Ather Energy.
Read also: Hero MotoCorp, Engine No. 1 Join Taiwan-Based Gogoro’s Latest Piped Funding Round
Hero MotoCorp has trademarked several titles under the name Vida which include mobility, scooters, motorcycles, EVs and more.
carandbike has reached out to both Hero Electric and Hero MotoCorp, but both the companies are yet to officially confirm the development or make any statement. According to an unnamed Hero MotoCorp spokesperson cited in the report, the company has said that everything is being done under the parameters of understanding and the 2010 family agreement between various factions of the Munjal family. According to a statement by Hero Electric, the company is protesting Hero MotoCorp’s move to oppose arbitration to resolve the issue of use of the “Hero” brand.
Read also: Hero Electric launches first electric scooter from Mahindra’s Pithampur facility
Hero Electric currently has a market share of over 36 per cent.
Under a family agreement in 2010 that simplified Hero businesses, Pawan Munjal, who was given Hero MotoCorp, was barred from using the ‘Hero’ brand name for any electric two-, three- or four-wheeled vehicles. have stopped. Under that agreement, Hero Electric’s global rights are held by Pawan Munjal’s cousin Vijay Munjal and his son Naveen Munjal. Hero Electric has a 36 per cent market share in the Indian electric two-wheeler segment and sold over 65,000 electric two-wheelers in 2021. The understanding is that Hero Electric owns all rights to the EVs with the Hero brand, and as such, Hero MotoCorp should not be able to use the ‘Hero’ brand name for any EV business.
Read also: Hero Electric becomes the best selling EV brand in India
The 2010 agreement between the Munjal family was amicably accepted by all the factions. Under that agreement, Brijmohan Lal Munjal’s family got control of the flagship firm Hero MotoCorp and Hero Corporate Services, among others. Om Prakash Munjal’s son Pankaj Munjal is currently the chairman of Hero Cycles. His family got control of Hero Cycles, Hero Motors and Munjal Sales Corporation. Satyanand Munjal’s family controls Munjal Showa, Munjal Auto and other related businesses, while Dayanand Munjal (represented by his son Vijay Munjal) owns Hero Exports, Hero Electric and Sunbeam Auto. Vijay Munjal’s son Naveen Munjal is the Managing Director of Hero Electric.
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(Source: The Economic Times,
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