Hero Motocorp, the world’s largest manufacturer of motorcycles and scooters, on Friday announced an investment of up to Rs 420 crore in Ather Energy.
Prior to this, Hero’s shareholding in Ather Energy was 34.8 per cent. The exact increase in shareholding will be determined upon completion of the fundraise round.
“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 (electric vehicle) ownership a convenient, hassle-free, and rewarding experience for customers across the world,” said Swadesh Srivastava, Head - Emerging Mobility Business Unit at Hero.
The two-wheeler maker said it is addressing the emerging mobility opportunity through organic and inorganic initiatives.
Hero is gearing up to unveil its first EV in March this year. “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,” the company said.
Hero is an early investor in Ather Energy and has been a part of its growth story since 2016. The company is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology and sourcing.