NEW DELHI: Hero Motocorp will increase its stake in Ather Energy to 39.7% by purchasing additional shares in the latter at a cost of Rs 140 crore, the former said in an exchange filing on Thursday.
Currently, Hero Motocorp holds 36.7% stake in Ather. As per the filing, the acquisition of additional shares is likely to be completed by January 31, 2024. Bengaluru-based Ather Energy is engaged in designing, manufacturing, producing, selling, servicing, software development, and software management, in relation to electric automobiles and charging infrastructure.
The company is also engaged in storage, distribution, and management systems of electric power (including energy in the form of batteries) and other ancillary services. Ather Energy posted `1,801 crore revenue in the FY23.
Meanwhile, Hero Motocorp on Thursday announced that it has appointed Vivek Anand as chief financial officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Vivek and Rachna will report to Niranjan Gupta, CEO,Hero MotoCorp.
Vivek, a Chartered Accountant by profession with almost three decades of diverse industry experience across FMCG, Telecom, Consumer Healthcare and Real Estate, held the position of CFO at DLF Limited for the past four years.
Rachna, a seasoned HR leader across diverse industries, including consumer goods, food & beverages, oil & gas and retail, joins Hero MotoCorp from Whirlpool Asia where she held the position of CHRO.
Ather offers easy EMI, cash benefits
New Delhi: Ather Energy has announced its latest initiative ‘Ather Electric December’, a programme offering cash benefits, EMI interest savings and free extended warranty to its customers. This initiative offers deals amounting to Rs 24,000, including up to Rs 6,500 in cash benefits. This comprises Rs 5,000 as part of the ‘Ather Electric December’ programme, along with an Rs 1,500 in corporate offer. Offers valid on Ather’s best-selling scooter 450X and 450S till 31st December 2023.