Hero MotoCorp acquires 2.2% stake in Ather Energy for ₹124cr
What's the story
Hero MotoCorp, the world's leading two-wheeler manufacturer, has announced its intention to acquire an additional 2.2% stake in Ather Energy. The investment, worth ₹124 crore, will be made through the purchase of extra shares from an existing shareholder. According to a regulatory filing by Hero MotoCorp, the acquisition is expected to be finalized by July 31.
Company profile
Ather Energy's role in electric automobiles
Ather Energy, based in Bengaluru, is involved in various aspects of electric automobiles and charging infrastructure. The company's operations include designing, manufacturing, selling, servicing and managing software for electric vehicles. Additionally, Ather Energy handles the storage, distribution and management systems of electric power including energy storage in batteries and other ancillary services. Hero MotoCorp currently holds a significant 39.7% stake in the company.
Revenue report
Ather Energy's financial performance and future prospects
In the fiscal year 2024, Ather Energy reported a revenue of ₹1,753.8 crore. The additional investment by Hero MotoCorp signifies its commitment to the burgeoning electric vehicle sector. It also reflects the company's confidence in Ather Energy's business model and performance. This move is expected to further strengthen Hero MotoCorp's position in the electric vehicle market.