Hero MotoCorp stated that its board has approved to further invest up to Rs 420 crore in electric two-wheeler company Ather Energy.
The company's board has approved the investment in one or more tranches, Hero Motocorp said.
The company stated that post the investment, the shareholding will increase and the exact shareholding will be determined upon completion of the capital raising round by Ather.
Prior to the proposed investment, the company's shareholding in Ather Energy stood at 34.8 per cent (on a fully diluted basis).
"In keeping with our vision 'Be the Future of Mobility', we are working on a variety of emerging mobility solutions. We are excited to see the growth of Ather Energy in recent years," stated Hero MotoCorp Head (Emerging Mobility Business Unit) Swadesh Srivastava.
(With inputs from PTI)
