Aurangabad in Maharashtra has been chosen by Ather Energy as the site for its third manufacturing plant, as reported by the Business Standard. Sources indicate that an agreement for this new facility is expected to be signed shortly.
The company plans to invest Rs 1,000 crore in constructing the plant in phases, covering 100 acres in Bidkin town, Aurangabad. This new plant will complement Ather’s existing assembly and battery facilities in Hosur, Tamil Nadu.
Significant Investment for Expansion
This upcoming plant signifies a major investment for Ather Energy, demonstrating its commitment to expanding manufacturing capabilities. The Rs 1,000 crore investment is aimed at enhancing production capacity to meet India’s increasing demand for electric vehicles. The plant will be developed in multiple phases to ensure a scalable and efficient production process.
Comprehensive Business Operations
Ather Energy is deeply involved in various sectors of the electric vehicle industry. The company designs and manufactures electric automobiles and handles their production, sales, and servicing. Additionally, Ather is engaged in software development related to electric vehicles and charging infrastructure.
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.
Preparations for an IPO
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.
Final Thoughts
In conclusion, Ather Energy’s decision to establish a new plant in Aurangabad marks a significant step in its expansion strategy. The company’s extensive involvement in the electric vehicle sector, coupled with its strong revenue growth and forthcoming IPO, positions Ather as a leading player in India’s electric mobility market.
