Hero MotoCorp eyes majority stake in Ather Energy: Report
Hero MotoCorp first invested in Bengaluru-based Ather Energy in 2016, and currently has an almost 35 percent stake in the company.
September 03, 2020 / 12:51 PM IST
Hero MotoCorp might soon raise its stake and buy a controlling interest in electric vehicle startup Ather Energy, according to a CNBC-TV18 report.
Hero MotoCorp first invested in Bengaluru-based Ather Energy in 2016, and currently has a nearly 35 percent stake in the company.
"With a stake of 34.6 percent, Hero MotoCorp is already the largest shareholder in Ather. This reflects our confidence in the progress that Ather has made over the past few years. As already stated, our internal program on electric vehicles (EVs) is also progressing well," a Hero MotoCorp spokesperson told CNBC-TV18.
"At a time when the world is increasingly moving towards partnerships, we remain open for further collaborations with suitable players in the emerging mobility space," the spokesperson added.
Hero MotoCorp is also exploring the option of selling Ather scooters at Hero dealerships across India, the news channel reported.
Ather Energy founder Tarun Mehta denied the rumours in a tweet.
Ather Energy is currently in discussions to raise capital for a new production facility, the report said.
Hero MotoCorp is in talks with Ather and is likely to participate in future fundraising rounds, sources told CNBC-TV18.
Mehta recently said the company plans to expand to eight more cities by the end of FY21.