Hero MotoCorp forays into e-three wheeler space to acquire 32.5 pc stake in Euler Motors

New Delhi, Mar 20 (PTI) Hero MotoCorp on Thursday said it has forayed into the electric three-wheeler segment by acquiring a 32.5 per cent stake in Euler Motors for Rs 525 crore.
    "Our strategic investment in Euler is a bold step towards realising our vision to be the future of mobility," Hero MotoCorp Executive Chairman Pawan Munjal said in a regulatory filing.
    This investment reinforces the company's commitment to accelerated growth through organic and inorganic expansion while highlighting the power of collaboration and adaptability in an ever-evolving market, he added.
    "As we strengthen and diversify our presence in the emerging mobility landscape, this investment allows the company to venture into a rapidly growing electric three and four-wheeler market while unlocking adjacent business opportunities," Munjal said.
    The company said its board has approved a strategic investment of up to Rs 525 crore, in one or more tranches, in Euler Motors Private Limited.
    This investment will provide Hero MotoCorp with a strong foothold in the fast-growing electric three-wheeler market, where EVs are projected to account for 35 per cent of total sales in the near future, it added.
    Euler Motors has a presence in 30 cities in India and is engaged in the designing, manufacturing and sale & service of electric three-wheelers.
    The company recently launched its first electric commercial four-wheeler.
    Euler's turnover for the financial year ended March 31, 2024, stood at Rs 172 crore.
    Hero MotoCorp said its stake in Euler would be around 32.5 per cent on a fully diluted basis.
    Additionally, within the aforementioned amount, HMCL may acquire shares from existing shareholders of Euler by way of secondary sale, it added.
    Hero MotoCorp shares on Thursday ended 1.73 per cent up at Rs 3,596.90 apiece on BSE.

(This story has not been edited by THE WEEK and is auto-generated from PTI)