India’s Hero MotoCorp has announced plans to purchase additional shares in electric scooter maker Ather Energy for up to Rs 1,758 crore, increasing its stake in the Bengaluru-based company to 32.8%.
Hero said the shares will be acquired from an existing shareholder but did not disclose the identity of the seller.
Hero MotoCorp was Ather Energy’s largest shareholder, holding a 29.88% stake as of August 25. The latest share purchase will further strengthen its position in the rapidly growing electric two-wheeler market.
The announcement comes shortly after Ather Energy allotted convertible warrants worth Rs 960 crore to Hero MotoCorp through a separate preferential issue.
India’s electric two-wheeler market is becoming increasingly competitive, with established automobile manufacturers and newer EV companies expanding their presence and competing for market share.
Ather Energy recently reported a significant reduction in its first-quarter loss, supported by strong demand for its family-oriented Rizta electric scooters.
The increased investment underlines Hero MotoCorp’s continued commitment to Ather Energy and its growing focus on India’s electric mobility sector.
