Ather Energy has selected Aurangabad, Maharashtra, as the location of its third production facility. It is anticipated that an agreement for this new facility would be completed soon, according to sources.
The facility, which will take up 100 acres in Bidkin, Aurangabad, will be built in phases by the business at a cost of Rs 1,000 crore. The assembly and battery facilities that Ather currently has in Hosur, Tamil Nadu, will be supplemented by this new plant.
With the construction of this factory, Ather Energy is committing to growing its manufacturing capabilities and making a significant investment. The investment of Rs 1,000 crore is intended to increase production capacity in order to fulfil India’s growing demand for electric automobiles. To guarantee a scalable and effective production process, the facility will be created in stages.
Ather Energy has a significant presence across multiple segments of the electric car market. The business creates and produces electric cars and manages their manufacturing, sales, and maintenance. Ather also works on software development projects pertaining to infrastructure for charging electric cars.
The company also focuses on the storage, distribution, and management of electric power, including battery energy, and other ancillary services. In FY24, Ather Energy reported a revenue of Rs 1,753.8 crore, showcasing its market growth.
Looking to the future, Ather Energy is preparing to go public by early next year. The company is selecting banks for an initial public offering (IPO) that could potentially value it at around $2 billion, according to Bloomberg News. The IPO could raise to $400 million, though specifics regarding the size and valuation may vary. This move underscores Ather’s goal to solidify its market position and attract significant investment for further expansion.
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