New Delhi, June 12 :    New Delhi, June 12:  Yamaha Motor Corporation of Japan today completed the acquisition of Escorts' 26 per cent stake in their five-year-old joint venture which will now become a 100 per cent subsidiary which is being renamed as Yamaha Motors Company Limited India. The deal is worth Rs 120 crore. 'We have paid Rs 70 crore to Escorts to buy back the 26 per cent equity shares and the remaining Rs 50 crore for existing preference shares,' Yamaha sources said. However, Yamaha has decided to pay a royalty of $ 6.50 to Escorts for each Rajdoot motorbike sold in India. The two companies had entered into a 10-year royalty agreement in 1996, which allowed Yamaha to use the brand name Rajdoot till 2006. Officials in Yamaha said, 'After the 10-year period, the brand name will be retained by Yamaha and the agreement will not be renewed.' As a 100 per cent subsidiary, the company plans to give a thrust to its voluntary retirement scheme (VRS) to streamline the organisation and meet global standards. S.K. Taneja , executive director of Yamaha Motors Ltd, said, 'VRS is the need of the hour. It's an annual feature and is truly voluntary. Since 1996 when our joint venture was formed, about 1,200 people have opted for VRS. Last year, about 220 personnel opted for the VRS.' 'We will continue with it as the management has decided to meet the global standards,' he added. Unveiling a new brand name and logo, Masahiko Shibuya, managing director of Yamaha Motor India, said, 'The company's Indian operations will now be completely aligned with Yamaha Motors worldwide operations after a decision to buy out the 26 per cent stake held by Escorts Group in the Indian joint venture.'