Hero MotoCorp To Raise Stake By 3% In Ather Energy For Rs 140 Crore

Hero MotoCorp Ltd. has approved the acquisition of an additional 3% stake in Ather Energy for Rs 140 crore.

The investment is being made by purchasing additional shares from existing shareholders of Ather Energy, according to an exchange filing by the company issued on Thursday.

After the acquisition, Hero MotoCorp's stake in Ather Energy will rise to 39.7% from 36.7%.

The company has set Jan. 31, 2024, as the indicative time period for completion of the acquisition.

Ather Energy is engaged in the business of designing, manufacturing, selling, and servicing electric two-wheelers. It reported a turnover of Rs 1,806.1 crore for the year ended March 2023.

Ather also has its own charging infrastructure and is engaged in storage, distribution, and management of electric power.

India's largest two-wheeler manufacturer also announced the appointment of Vivek Anand as the chief financial officer of the company, effective March 1, 2024.

Rachna Kumar will be the company's new chief human resources officer and will join on Jan. 2, 2024, the statement said.

Anand has earlier worked with Telenor, GSK and FMCG major Unilever, while Kumar comes from Whirlpool Asia where she held the position of CHRO.

The outgoing CFO and CHRO, Mike Clarke had expressed his desire to pursue opportunities outside of the company, the filing said.