Hero MotoCorp takes a bigger slice of Ather Energy with 3% stake hike for Rs 140 crore

Hero MotoCorp has increased its stake in Bengaluru-based electric vehicle manufacturer Ather Energy by acquiring shares worth Rs 140 crore, a BSE filing from the company said. The company’s stake has risen from 36.7 percent to 39.7 percent through this additional share purchase.
This move follows Ather Energy’s earlier funding round of Rs 900 crore, which involved investments from Hero MotoCorp and Singapore’s GIC through a rights issue.
Ather, an existing Associate company of Hero MotoCorp, is involved in designing, manufacturing, selling, and servicing electric two-wheelers, which includes the likes of 450X and 450S. The company also manages its charging infrastructure and is involved in the storage, distribution, and management of EV batteries. Ather’s turnover for the fiscal year ending March 2023 stood at Rs 1806.1 crore.

In a recent development, the two companies inked a pact to jointly establish a fast-charging network for electric two-wheelers across the country. As part of this partnership, the companies aim to set up more than 1,900 fast-charging points in over 100 cities.
In November, Ather Energy sold 9,344 EVs in India, registering a significant 22.5 percent as compared to the number of units sold in the corresponding month last year. On the MoM basis too, the company’s sales grew by 9 percent as against the 8,410 units sold in October 2023.
At present, the company is gearing up to launch its new flagship model known as the 450X Apex. The company has already commenced the bookings for the model for a nominal token amount of Rs 2,500. The company’s official website says that the deliveries of the 450X Apex are slated to begin from March 2024.
Stay tuned to TOI Auto for latest updates on the automotive sector and do follow us on our social media handles on Facebook, Instagram, and X.