Hero MotoCorp to invest Rs 420 crore in Ather Energy

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New Delhi, Jan 14 (PTI) The board of the country’s largest two-wheeler maker Hero MotoCorp has approved a proposal to invest Rs 420 crore in electric two-wheeler maker Ather Energy.

Hero MotoCorp said in a statement on Friday that the Board of Directors has approved this investment in Ather Energy in one or more tranches.

Hero MotoCorp held 34.8 per cent stake in Ather Energy prior to the proposed investment. After this investment, his stake will increase, but the exact amount will be decided only after the completion of Ather’s capital raising round.

Swadesh Srivastava, Head of Emerging Mobility Business, Hero MotoCorp, said, “We have been one of the early investors in Ather Energy. We are thrilled to see its growth over the years.”

Hero MotoCorp is set to launch its first electric vehicle this March. It is under development at the company’s R&D center and will be produced at the Chittoor plant.

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