Ather Energy is engaged in the business of designing, manufacturing, selling, servicing electric two wheelers. 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. Turnover for the year ended March 2023 was Rs 1,806.1 crore.
Currently, Hero MotoCorp’s shareholding in Ather is 36.7% of the paid up share capital of Ather. Post the purchase of additional shares, the company’s shareholding in Ather would increase to 39.7% of the paid-up share capital of Ather.
The additional 3% stake in Ather is being acquired by Hero MotoCorp for a cash consideration of Rs 140 crore.
Seperately, Hero MotoCorp said that it 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, the company’s CEO.
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 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 1 March 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 2 January 2024.
Mike Clarke, currently COO & CHRO at Hero MotoCorp, has expressed his desire to pursue opportunities outside of the company. He will continue to be with Hero MotoCorp until the end of October 2024.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.
The two-wheeler major reported a net profit of Rs 1,053.81 crore in Q2 FY24, registering a growth of 47.17% as compared with Rs 716.07 crore in Q2 FY23. Revenue from operations increased 4.08% YoY to Rs 9,445.42 crore in Q2 FY24.
The scrip added 0.77% to currently trade at Rs 3911 on the BSE.