Hero MotoCorp said that its board has approved the purchase of additional 2.2% stake in Ather Energy, an associate company, from an existing shareholder for a total consideration of Rs 124 crore.
Ather Energy is engaged in the business of designing, manufacturing, selling, servicing electric two wheelers. Besides, Ather Energy also has its own charging infrastructure and is engaged in storage, distribution and management of electric power (including energy in the form of batteries) and other ancillary services. Turnover of Ather Energy for the year ended 31 March 2024 was Rs 1,753.8 crore.
Currently, Hero MotoCorp is an existing shareholder in Ather Energy and this transaction entails purchase of additional shares of Ather Energy from another existing shareholder.
The two-wheeler maker said that no government or regulatory approval is required for the execution of this transaction.
Hero MotoCorp is engaged in the manufacturing and selling of motorised two-wheelers, spare parts and related services. The Company is a leading two wheeler manufacturer and has a dominant presence in domestic market.
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The company has reported 18.29% increase in standalone net profit to Rs 1,016.05 crore on a 14.6% rise in revenue to Rs 9,519.30 crore in Q4 FY24 as compared with Q4 FY23.
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