Hero MotoCorp to buy additional 3% stake in Ather Energy for up to ₹140 crore

Hero MotoCorp on Thursday announced that it will purchase of additional shares of Ather Energy Pvt. Ltd., an associate company, from an existing shareholder.

Ather, an existing Associate company of Hero MotoCorp Limited (HMCL), is engaged in the business of designing, manufacturing, selling, servicing electric two wheelers. The additional stake will be purchased by Hero MotoCorp for ₹140 crore and after the deal its stake in Ather will rise to 39.7% from the current 36.6%.

“Currently, HMCL's shareholding in Ather is 36.7% (on a fully diluted basis) of the paidup share capital of Ather. Post the purchase of additional shares, HMCL's shareholding in Ather would increase to 39.7% (on a fully diluted basis) of the paid-up share capital of Ather,” it said in a regulatory filing.

Besides, Ather 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.

The transaction entails the purchase of additional shares of an Associate Company, a related party. No promoter/ promoter group/ group companies have any interest in the entity in which the additional investment is being made.

The transaction is proposed to be made on an arm's length basis.

Meanwhile, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today further strengthened its leadership team with the appointment of two senior executives with diverse global experience across sectors.

The Company has appointed Vivek Anand as Chief Financial Officer (CFO) and Rachna Kumar as the Chief Human Resources Officer (CHRO). Vivek and Rachna will report to Niranjan Gupta, CEO,Hero MotoCorp.

Vivek, a Chartered Accountant by profession with almost three decades of diverse industry experience across FMCG, Telecom, Consumer Healthcare and Real Estate, held the position of CFO at DLF Limited since the past four years.

Having vast global experience with strong acumen in Finance, Treasury, M&A, Corporate Planning, Investor Relations, Tax Planning, Risk Management and Information Technology, Vivek has earlier worked with Telenor, GSK and FMCG major Unilever in India, Singapore and Bangladesh. Vivek’s appointment will come into effect from March 1st, 2024.

Rachna, a seasoned HR leader across diverse industries, including consumer goods, food & beverages, oil & gas and retail, joins Hero MotoCorp from Whirlpool Asia where she held the position of CHRO.

Her extensive background includes roles at Tata Trent, Hindustan Coca-Cola Beverages Pvt Ltd, Castrol Lubricants, and Philips. In addition to the core HR roles, her experience has spanned specific themes such as building agile and optimal organization structures, driving talent strategy, performance management, learning & development, and enabling progressive industrial and employee relations.

Rachna will join Hero MotoCorp on January 2nd, 2024,