Honda Cars India Ltd (HCIL) is a subsidiary of the Honda of Japan for the production, marketing and export of passenger cars in India. Formerly known as Honda Siel Cars India Ltd, it began operations in 1995 as a joint venture between Honda Motor Company and Usha International of Siddharth Shriram Group. In August, 2012, Honda bought out Usha International's entire 3.16 percent stake for 1.8 billion in the joint venture. The company officially changed its name to Honda Cars India Ltd (HCIL) and became a 100% subsidiary of Honda.