Ather Energy to set its third plant, in Maharashtra

13 Jun 2024 , 03:00 PM

Ather Energy, a manufacturer of electric vehicles, has selected Aurangabad, Maharashtra, as the location of its third facility.

According to the Business Daily, which cited sources, a deal in this regard is anticipated to be signed shortly. The factory will be constructed over 100 acres in phases, with Ather planning to invest ₹1,000 Crore on it, according to the article.

The article further stated that the plant will be situated in the town of Bidkin, Aurangabad. Hosur, Tamil Nadu is home to Ather’s two other plants: an assembly facility and a battery plant.

Hero MotoCorp paid ₹124 Crore earlier this month to purchase a 2.2% stake in Ather Energy.

Based in Bengaluru Designing, creating, manufacturing, marketing, servicing, developing, and managing software pertaining to electric vehicles and charging infrastructure are all done by Ather Energy. The business also provides additional ancillary services and manages systems for the storage, distribution, and use of electric power, including energy from batteries.

In FY24, Ather Energy reported revenue of ₹1,753.8 Crore.

By early next year, the Bengaluru-based business hopes to go public. As Bloomberg News revealed in February, Ather has been choosing banks for an initial public offering (IPO) that may fetch up to $2 billion.

According to the report, the company may try to raise as much as $400 million through the selling of shares, though specifics like the number and valuation may vary.

In 2013, following their graduation from the Indian Institute of Technology Madras, Tarun Mehta and Swapnil Jain launched Ather. In 2022, the business raised around $128 million in a series E round, including participation from the National Investment and Infrastructure Fund Ltd. and current investors Hero MotoCorp Ltd., a manufacturer of two-wheelers.

Co-founders of Flipkart Sachin and Binny Bansal, as well as Tiger Global Management, are among the other backers.

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