hero motocorp: Hero MotoCorp lines up new Rs 420 crore investment in Ather Energy


NEW DELHI: The country’s biggest two-wheeler maker, Hero MotoCorp, said on Friday that its board had approved further investment of up to Rs 420 crore in electric two-wheeler company Ather Energy.
The company’s board of directors has approved the investment in one or more tranches, Hero Motocorp said in a statement.
Prior to the proposed investment, the Company’s ownership in Ather Energy was 34.8% (on a fully diluted basis).
After the investment, the shareholding will increase and the exact shareholding will be determined upon completion of Ather’s fundraising, Hero MotoCorp said.
“In line with our ‘Be the Future of Mobility’ vision, we are working on a variety of emerging mobility solutions.
“We were an early investor in Ather Energy and have continued to expand our association over the years. We are delighted to see Ather Energy’s growth in recent years,” said Swadesh Srivastava, Head of Hero MotoCorp. (Emerging Mobility business unit).
The company aims to extend the Hero MotoCorp brand promise and make electric vehicle ownership a convenient, hassle-free and rewarding experience for customers around the world, he added.
Hero MotoCorp is an early investor in Ather Energy and has been part of its growth story since 2016. The company is also exploring collaborations with Ather Energy in various areas, such as charging infrastructure, technology and supply.
Hero MotoCorp said it is addressing the emerging mobility opportunity holistically through a range of organic and inorganic initiatives.
The company is preparing to unveil its first electric vehicle (EV) in March this year. The vehicle is being developed at its R&D facility – the Center for Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich – and will be produced at the company’s manufacturing facility in Chittoor. , in the southern state of India. of Andhra Pradesh.
Through its investments and partnerships with external partners like Ather Energy and Gogoro Inc, Hero MotoCorp is also working to build the entire EV ecosystem – from products, to technology, to sales, service, customer service, operations and innovation, the company noted.
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