Naveen Munjal said that, he owns the Hero brand name and no one else can use it. He further said that he is ready to partner with Hero Moto.
Hero MotoCorp has suffered a setback from Naveen Munjal
The CEO and chairman of two-wheeler market leader Hero MotoCorp cannot use the ‘Hero’ brand for any electric vehicle, even if it is geared for major investments and launches in the e-vehicle space. This is because a 2010 family agreement barred Pawan Munjal-led Hero MotoCorp and its promoters from using the ‘Hero’ brand name for any type of electric vehicle, as the global rights belong to his nephew Naveen Munjal. Hero Electric has been allotted.
In a statement given to the Times of India, Naveen said that any violation here “will result in legal action”. Because only my family has the right to use Hero brand for green vehicles”. Here any member can enter this segment but he has to come with a different branding.
Naveen, son of Pawan’s cousin Vijay Munjal, runs the Hero Electric two-wheeler business since 2007. He added that his family had received the “global rights to the Hero brand name for electric forever”, whether for personal consumer use, or for the commercial market.
This was done as part of a larger agreement between various members of the Munjal clan, who run several businesses under the ubiquitous ‘Hero’ brand name (two-wheelers, cycles, insurance, realty, electric vehicles, components, education) in which Apart from Pawan Munjal and Vijay Munjal, there are players like Sunil Munjal and Pankaj Munjal.
We can use the branding on any vehicle
Naveen further added, “We own the Hero brand name for the electrics and cannot be used by anyone else. There is no ambiguity here. We can use it for any type of vehicle plying on the ground – two-wheeler, three-wheeler, car, or commercial vehicle,” Naveen said, adding that “if our rights are violated, we will take legal recourse.”
A spokesperson of Hero MotoCorp of Pawan said, “Hero MotoCorp is fully committed to driving sustainability and clean mobility through electric vehicles in our markets in India and around the world. At present there is a family understanding, which everyone in the Munjal family is well aware of, and everything is being done within the parameters of understanding and agreement. Even today the brand names used on the vehicles speak for themselves. The family agreement is very clear. Hero MotoCorp is well aware of its rights, and has always acted, and will continue to act on the basis of best legal advice.”
Hero MotoCorp, however, avoided a question whether it might use the ‘Hero’ brand name for its upcoming electric vehicles. At a time when it is gearing up for stiff competition from newcomers like Ola Electric, Hero MotoCorp has announced aggressive investments in the EV business and plans to launch its first green this year. However, which branding the company will use is not yet clear.
Naveen Munjal said he remains “open to anything” including partnerships within the family as he expands his business under Hero Electric. “We are open to partnerships within the family. We are not close to the idea,” said Naveen when asked if he is ready to collaborate with uncle Pawan Munjal’s Hero Moto. He said, “We have cordial family relations, and there is no enmity. It’s just that we have to protect our business interests.
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