Hero MotoCorp Ltd. said it is investing up to Rs 420 crore or (about $57 million) to increase its stake in electric scooter maker Ather Energy Pvt. as it expands its emerging mobility business.
The company's board approved the investment that will come in one or more tranches, the company said in an exchange filing.
Hero MotoCorp, which first invested in Ather Energy in 2016, held 34.8% prior to the investment. Its revised holding will be determined after Ather Energy completes the latest funding round.
The investment is a precursor to expanded collaboration with Ather Energy on electric-charging infrastructure and technology. Hero MotoCorp is set to unveil its own first electric vehicle in March.
"We were one of the early investors in Ather Energy and have continued to expand our association over the years," Swadesh Srivastava, head, emerging mobility business unit at Hero MotoCorp, said in the statement. "We are excited to see the growth of Ather Energy in recent years."
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