The Honda Motor Company said it would renew for another 10 years the pact to transfer technology to its Indian joint venture, Hero Honda Motors, after the current agreement expires in 2004, the New York Times (NYT) reported.

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A spokesman for Honda’s Southwest Asia operation said Honda hoped to control 50% of India’s market for two-wheeled transportation by 2005. Honda, which is based in Japan, owns 26% of Hero Honda and has a fully owned subsidiary in India. Combined, the two Honda units control slightly more than a third of the market for motorcycles, mopeds and motorbikes, the NYT said.

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