Hero MotoCorp on Monday said that it will invest Rs 550 crore in electric two-wheeler maker Ather Energy Private Limited. “The Board of Directors of the Company at its meeting held on September 4, 2023 has approved an investment of up to INR 550 crore in the Rights issue of Ather Energy Private Limited,” the bike maker said in an exchange filing.
Hero MotoCorp currently holds 33.1 per cent stake in Ather and the new investment is being made in Series E2 compulsory convertible preference shares, the company said. Post the new investment, Hero MotoCorp’s shareholding in Ather will increase but the exact shareholding will be determined upon completion of capital raise round by Ather.
Founded in 2013, Ather is engaged in the business of designing, manufacturing, selling, servicing electric two wheelers. Besides, Ather also has its own charging infrastructure and is engaged in storage, distribution and management of electric power (including energy in the form of batteries) and other ancillary services.
Ather’s turnover for the year ended March 2023 was Rs 1806.1 crore.
In July this year, Ather said that it had partnered with state-run Bharat Petroleum Corporation Limited (BPCL) to expand its charging network. Through the collaboration, Ather would gain access to BPCL’s network of over 21,000 fuel stations across the country, facilitating the installation of Ather’s public fast-charging grid. Ather already has more than 1,400 chargers across 100 cities.
