Ather Energy plans to build third plant in Maharashtra's Aurangabad: Report
Electric vehicle maker Ather Energy has chosen Aurangabad in Maharashtra for its third plant, according to a report in the Business Standard.
The business daily, quoting sources, claimed that an agreement in this regard is expected to be signed soon. Ather plans to invest Rs 1,000 crore in the plant, which will be built in phases across 100 acres, the report said.
The plant will be located in Aurangabad's Bidkin town, the report added. Ather's two other plants, an assembly plant and a battery plant, are located in Hosur, Tamil Nadu.
Earlier this month, Hero MotoCorp acquired an additional 2.2 per cent stake in Ather Energy for Rs 124 crore.
Bengaluru-based Ather Energy is engaged in designing, manufacturing, producing, selling, servicing, software development, and software management in relation to electric automobiles and charging infrastructure. The company is also involved in storage, distribution, and management systems of electric power (including energy in the form of batteries) and other ancillary services.
Ather Energy posted a revenue of Rs 1,753.8 crore in FY24.
The Bengaluru-based startup is planning to go public by early next year. Ather has been selecting banks for an IPO that could value it at about $2 billion, Bloomberg News reported in February.
The company could seek to raise as much as $400 million in a share sale, though details such as the size and value could change, people familiar with the situation have said.
Tarun Mehta and Swapnil Jain founded Ather in 2013 after graduating from the
