WionDrive News Desk 
Two-wheeler manufacturer Hero MotoCorp Ltd has announced plans to acquire an additional stake in Ather Energy, an electric two-wheeler maker, for up to INR 140 crore. The transaction, scheduled to be completed by January 31, 2024, will raise Hero MotoCorp’s current stake in Ather Energy from 36.6% to 39.7%, according to a recent stock exchange filing.
This move follows Hero MotoCorp’s earlier INR 550 crore investment in Ather Energy Private Ltd’s rights issue in September. The investment, comprising Series E2 Compulsory Convertible Preference Shares, aimed to strengthen Hero MotoCorp’s presence in the electric mobility sector.
Before this investment, Hero MotoCorp held a 33.1% stake (on a fully diluted basis) in Ather Energy. Ather Energy, established in October 2013, is actively involved in various aspects of the electric mobility ecosystem, covering design, manufacturing, sales, servicing, software development for electric automobiles, and charging infrastructure.
The company also manages its charging infrastructure and plays a crucial role in the storage, distribution, and management of electric power, including battery energy, with a nationwide presence in India. In the fiscal year ending in March 2023, Ather Energy reported a substantial turnover of INR 1,806.1 crore, a notable increase compared to INR 413.8 crore in March 2022 and INR 79.8 crore in March 2021.
Shares of Hero MotoCorp Ltd closed at ₹3,880.95 on the BSE, showing a marginal decline of INR 16.65, or 0.43%.
