Hero MotoCorp to invest Rs 205 crore in an innovative tech startup

Hero MotoCorp has decided to invest nearly Rs 205 crore in single or multi tranches so as to acquire up to 20% stake in Arther Energy Pvt-a tech startup in based in Bengaluru.

"The board of directors of the company, in its meeting held on October 26, 2016, approved an investment of up to Rs 205 crore, in one or more tranches, for approximately 26-30 per cent shareholding in Ather Energy Private Ltd," Hero MotoCorp said.

Ather is engaged in the business of designing and manufacturing smart electric vehicles (EVs) and associated charging infrastructure.

The strategic investment is subject to execution of definitive agreements and completion of certain conditions customary for a transaction of this nature.

"As the market leader and a global automotive major, Hero MotoCorp takes the lead in many areas that benefit the environment, customer and the industry. Adoption of environment-friendly fuel is a priority for Hero MotoCorp, as is propagating sustainable manufacturing through green facilities. Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV programme, in addition to partnering with Ather," Hero MotoCorp further added.
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