Hero MotoCorp, a leading motorcycle and scooter manufacturer, recently announced its plan to acquire additional shares of Ather Energy Pvt. Ltd., an associate company specializing in the design, manufacturing, selling, and servicing of electric two-wheelers. The purchase, valued at ₹140 crore, will increase Hero MotoCorp’s stake in Ather from the current 36.6% to 39.7%. The transaction involves buying shares from an existing shareholder on an arm’s length basis, and no promoter or related parties have any interest in the entity receiving the additional investment.
Ather Energy, as an associate company, not only focuses on electric two-wheelers but also operates in the electric power ecosystem. This includes its own charging infrastructure and involvement in the storage, distribution, and management of electric power, including battery energy. Hero MotoCorp’s increased stake reflects its commitment to the growing electric mobility sector, aligning with the global trend toward sustainable transportation solutions.
In parallel with this strategic move, Hero MotoCorp has strengthened its leadership team with the appointment of two seasoned executives. Vivek Anand, a Chartered Accountant with nearly three decades of diverse industry experience, has been appointed as the Chief Financial Officer (CFO). His extensive background spans various sectors, including FMCG, Telecom, Consumer Healthcare, and Real Estate. Vivek’s prior role as CFO at DLF Limited, a prominent real estate company, showcases his financial expertise in areas such as Treasury, M&A, Corporate Planning, Investor Relations, Tax Planning, Risk Management, and Information Technology. His appointment, effective from March 1st, 2024, reflects Hero MotoCorp’s focus on reinforcing its financial leadership.
Simultaneously, Rachna Kumar, an experienced HR leader across diverse industries, has been appointed as the Chief Human Resources Officer (CHRO).Previously holding the position of CHRO at Whirlpool Asia, she will assume her role at Hero MotoCorp on January 2nd, 2024, contributing to the company’s human resources and organizational development.
