Honda controls RI venture

Honda controls RI venture

TOKYO (AFP): Japan's Honda Motor Co. Ltd. has taken majority control of its joint ventures in Indonesia and Peru as part of its plan to expand operation overseas, a company spokesman said Thursday.

The Japanese auto maker raised its stake in its Indonesian motorcycle engine venture, PT Honda Astra Engine Manufacturing, to 51 percent from 49 percent at the end of March, the spokesman said.

Honda raised its stake following Indonesia's deregulation of foreign investments, the spokesman said.

"The move is part of our plans to expand our operation overseas and control our production system in other countries more independently," the spokesman said.

In Peru, Honda raised its stake in its Peruvian motorcycle production and sales venture, Honda del Peru SA, to 82 percent from 49 percent to strengthen its motorcycle sales network in the country, he said.