New Delhi-based two-wheeler maker Hero MotoCorp Ltd (HMCL) announced that its board has approved an investment of around $19 million in electric vehicle company Ather Energy.
In exchange for the investment, Ather Energy will issue 66,320 compulsorily convertible debentures to Hero MotoCorp.
The Ather Energy is yet to commence commercial operations.
In October 2016, Ather secured up to $29 million in funding from HMCL.