August 10, 2020

Hero MotoCorp: Hero MotoCorp invests are Rs 84 crore in Ather Power

NEW DELHI: The nation’s largest two-wheeler producer Hero MotoCorp Friday introduced an additional funding of Rs 84 crore ($11 million) in Ather Power, taking on its shareholding within the firm to 34.58%.

Previous to the funding, Hero MotoCorp’s shareholding in Ather Power was 31.27%.

The announcement comes shut on the heels of a number of new strategic selections taken by the corporate in the direction of reaching its imaginative and prescient to “Be the Way forward for Mobility”. Hero MotoCorp has been part of Ather’s development story since 2016, when it first invested as part of Collection B funding.

Commenting on the funding, Rajat Bhargava, Head of Rising Mobility Enterprise Unit (EMBU), International Enterprise & Technique, Hero MotoCorp mentioned, “We’re excited to see the expansion of Ather Power within the latest years. We see immense potential for them to develop their market even additional, particularly given the seemingly development of electrical autos (EV) within the close to future.”

Along with its efforts of creating a sturdy exterior eco-system for EVs, Hero can be aggressively engaged on an inside EV program. “Our intention is to supply accessible electrical mobility to prospects throughout the globe. Sustainability and clear, inexperienced atmosphere stay central to our imaginative and prescient to be the way forward for mobility”, added Bhargava.