Hero MotoCorp, the country’s largest two-wheeler maker, said its board has approved to further invest up to Rs 420 crore or $57 million in electric scooter manufacturer Ather Energy.
Prior to the proposed investment, the company’s shareholding in Ather Energy stood at 34.8 per cent (on a fully diluted basis).
The company’s board has approved the investment in one or more tranches, Hero Motocorp said in a statement.
The company aims to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.
Ather Energy had received a sanction letter from Hero FinCorp Limited [an associate company of Hero MotoCorp] for a loan amount of Rs 130.00 crore, Entrackr had exclusively reported the development in October, 2021.
The Pawan Munjal-led group was the primary investor in Ather Energy’s Series B fundraise in 2016 and owns around 35% stake in the company. Ather Energy had launched its first fully-electric scooter, the Ather S340 in Bengaluru in 2016.