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The country’s largest two-wheelers manufacturer, Hero MotoCorp on Friday has announced a new investment of up to ₹420 crore in Bengaluru-based 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 per cent (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 MotoCorp said in a statement.
The company is an early investor in Ather Energy and has been a part of its growth story since 2016. In July 2020, Hero had also invested ₹84 crore in Ather. It is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing.
Hero MotoCorp is addressing the emerging mobility opportunity in a comprehensive manner through a range of organic and inorganic initiatives, the company said adding it is gearing up to unveil its first electric vehicle (EV) in March.
The vehicle is being developed at the company’s research and development set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility at Chittoor in Andhra Pradesh, it said.
Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc, Hero MotoCorp is also working towards building the entire EV ecosystem – from products to technology, to sales, service, customer care, operations, and innovation, it said.
“In keeping with our vision ‘Be the Future of Mobility’, we are working on a variety of emerging mobility solutions. 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,” Swadesh Srivastava, Head – Emerging Mobility Business Unit, Hero MotoCorp said.
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