NEW DELHI: Hero MotoCorp on Friday announced a new investment of up to Rs 420 crore in electric two-wheeler maker Ather Energy. “The company’s board has approved the investment in one or more tranches. Prior to the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8% (on a fully diluted basis). Post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of capital raise round by Ather,” Hero MotorCorp said in a statement.
Ather Energy competes with the likes of Hero Electric, Okinawa and new entrant Ola Electric. Swadesh Srivastava, Head - Emerging Mobility Business Unit, Hero MotoCorp, said, “We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”
Hero MotoCorp, which is expected to launch its first EV by March 2022, said that they are exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing. Hero’s EV is being developed at its R&D set-up — CIT in Jaipur and the Tech Center Germany (TCG) near Munich — and will be produced at its Chittoor faclity in Andhra.