CEO and Chairman of two-wheeler market leader Hero MotoCorp cannot use the 'Hero' brand for any electric vehicle even as it braces for big investments and launches in the e-vehicle sector.
This is because a 2010 family settlement bars Pawan Munjal-led Hero Motocorp and its promoters from using the 'Hero' brand name for any type of electric vehicle, as the global rights have been allotted to his nephew Naveen Munjal's Hero Electric.
"Any violation will lead to a legal action... only my family has the right to use the Hero brand for green vehicles," Hero Electric Managing Director Naveen Munjal told The Times of India.
Naveen Munjal, Managing Director of the Gurgaon-based electric two-wheeler maker Hero Electric said he has the ownership of the Hero brand name for electrics and no one else can use it.
“There is no ambiguity here. We can use it for any type of vehicle running on land — two-wheelers, three-wheelers, cars, or commercial vehicles... If our rights are encroached upon, we will take legal recourse,” he said.
Hero Electric currently sells a range of electric two wheelers, including Optima and Flash.
However, a spokesperson for Pawan Munjal's Hero Motocorp told the publication, “There is a family understanding in place, which everyone in the Munjal family is well aware of, and everything is being done within the parameters of the understanding and the agreement.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks