India's largest two-wheeler maker Hero MotoCorp on Wednesday said it has acquired 17.49 lakh shares in its joint venture with Italian firm Magneti Marelli. Magneti Marelli designs and produces advanced systems and components for the automotive industry around the world. 

According to a report by Economic Times, Hero MotoCorp has subscribed to a total of 1,749,999 equity shares of face value INR10 of HMC MM Auto Ltd. This constitutes a 60% shareholding in the joint venture company. 

Hero MotoCorp in a filing on the Bombay Stock Exchange said the purpose of the joint venture is to sell, distribute and market complete two wheeler fuel injection systems and component parts thereof. Earlier this month, Hero MotoCorp and Magneti Marelli had announced plans to invest $27 million in the joint venture over the next ten years. The joint venture is targeting sales of around $100 million in the first five years, the report said. 

The partners had said they would invest $8.5 million in lieue of its 60:40 equity ratio in its joint venture over a period of three years, Reuters stated.