BENGALURU (Reuters) – Indian two-wheeler vehicle maker Hero Motocorp Ltd said on Friday it would invest up to 4.20 billion rupees ($56.66 million) in electric vehicle (EV) start-up Ather Energy as it looks to expand its presence in the green mobility space.
The company, which held 34.8% in Ather Energy prior to the investment, said its new stake in the startup would be determined after Ather’s funding round completes.
Hero, which is set to unveil its first EV in March, said in a regulatory filing it was also exploring collaboration with Ather Energy on electric-charging infrastructure and technology.
Currently, EVs account for a fraction of the total two-wheeler sales in the country, mainly due to high battery costs and lack of charging infrastructure.
($1 = 74.1240 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Vinay Dwivedi)
