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India’s Hero Motocorp to invest over $56 million in EV start-up Ather Energy

BENGALURU : Indian two-wheeler automobile maker Hero Motocorp Ltd mentioned on Friday it might invest up to 4.20 billion rupees ($56.66 million) in electrical automobile (EV) start-up Ather Energy because it seems to broaden its presence in the inexperienced mobility area.

The firm, which held 34.8per cent in Ather Energy prior to the funding, mentioned its new stake in the startup could be decided after Ather’s funding spherical completes.

Hero, which is about to unveil its first EV in March, mentioned in a regulatory submitting it was additionally exploring collaboration with Ather Energy on electric-charging infrastructure and expertise.

Currently, EVs account for a fraction of the whole two-wheeler gross sales in the nation, primarily due to excessive battery prices and lack of charging infrastructure.

($1 = 74.1240 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Vinay Dwivedi)



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