Hero MotoCorp raises stake in Ather Energy, to buy shares worth Rs 140 cr

Hero MotoCorp Ltd on Thursday announced that it will raise its stake in Ather Energy Pvt Ltd to 39.7 per cent. It currently holds 36.7 per cent of the stake in the company and will pay Rs 140 crore to buy the additional stake.

"Post the purchase of additional shares, HMCL's shareholding in Ather would increase to 39.7 per cent (on a fully diluted basis) of the paid-up share capital of Ather," it said.

The acquisition of additional stake will be completed by January 31, 2024, it said in a regulatory filing.

Ather, the manufacturer of electric two-wheelers, is also aiming to list on the Indian stock market. According to a report by CNBC-TV18, the listing may take place by Diwali next year or early 2025. It has already started seeking inputs on the plan and valuations.

Currently, it holds a 12 per cent market share in the electric two-wheeler segment in India.

Earlier this month, Hero MotoCorp partnered with Ather Energy for an interoperable fast-charging network in the country. The partnership will allow EV users to use both VIDA and Ather Grids across the country. The combined network will cover 100 cities with more than 1,900 fast-charging points.

Moreover, on Thursday, Hero MotoCorp also announced key appointments to its leadership team. It has appointed Vivek Anand as the Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Vivek and Rachna will report to Niranjan Gupta, Chief Executive Officer, Hero MotoCorp.

Anand, 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.

Kumar, a seasoned HR leader across diverse industries, including consumer goods, food and beverages, oil and gas, and retail, joins Hero MotoCorp from Whirlpool Asia, where she held the position of CHRO.