Hero MotoCorp gained 5% after Rs.420 cr investment in Ather Energy
The world’s largest manufacturer of motorcycles and scooters Hero MotoCorp has announced a new investment of up to Rs.420 crore in Ather Energy. Prior to this, the company’s shareholding in Ather Energy stood at 34.8 percent.
Ather was founded in 2013. It specializes in developing, manufacturing, producing, marketing, servicing, software development, and software administration for electric vehicles and charging infrastructure.
Hero MotoCorp has invested in Ather Energy for the fifth time since 2016. Since then, Hero MotoCorp has been a part of Ather Energy’s growth story. Going further Hero MotoCorp is also exploring collaborations with Ather Energy in various spheres, such as charging infrastructure, technology, and sourcing.
Shortly after the announcement of Rs.420 crore investment, Hero MotoCorp saw a surge of 5 percent in Ather Energy. Shares of Hero MotoCorp were trading 4.87 percent higher, or up 125.15 points at Rs.2,695.70 on the BSE.
Swadesh Srivastava, Hero MotoCorp Head (Emerging Mobility Business Unit) said, “In keeping with our vision ‘Be the Future of Mobility’, we are working on a variety of emerging mobility solutions. We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years.”
Ather had recently announced a hike of roughly Rs.5,500 for their electric scooters citing growing input prices as the cause.
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.