Hero MotoCorp, the world’s top two-wheeler maker, said on Monday it plans to invest up to $66.5 million in Ather Energy, a promising electric vehicle startup in India whose fast-growing fortune had to hit brake after a local policy change.
Hero MotoCorp, which already owns a 33.1% stake in the Bengaluru-headquartered Ather Energy, disclosed (PDF) in a stock exchange filing that its board of directors had approved a fresh investment of up to $66.5 million in the rights issue of Ather Energy.
Ather Energy, which was on track to hit $1 billion in revenue by December this year, recently hit a roadblock after the Ministry of Heavy Industries cut the subsidy it offers for two-wheelers, dealing a bl …
