Hero MotoCorp has approved an investment of up to Rs 5.5 billion in rights issue of Ather Energy in the form of E2 compulsory convertible preference shares. The investment is anticipated to be completed by September 30, 2023. Hero MotoCorp already owns a stake of 33.1 per cent in Ather Energy before this investment. The investment entails purchasing the associate company’s rights issue, making it a related party transaction. The transaction is contingent upon the execution of legal contracts and the fulfillment of standard transaction requirements.
In July 2023, Hero Future Energies Private Limited announced signing a MoU with REC Limited and PFC Limited to develop green energy projects. HFE will receive Rs 31 billion from PFC Limited and REC Limited each for the purpose of funding and developing renewable projects across the country.
In September 2022, Hero MotoCorp and Hindustan Petroleum Corporation Limited partnered to develop charging infrastructure for electric vehicles in India. The companies would set up charging infrastructure for two-wheeler EVs across the country as part of this initiative.
