Alpha Capital Acquires Stake in Two-wheeler Maker Hero Electric
Mumbai-based investment management firm Alpha Capital Advisors is reportedly acquiring a minority stake in lithium-ion battery-powered two-wheelers manufacturer Hero Electric Vehicles.
This particular deal has been valued at Rs 160 crore ($22.3 million).
“This fund infusion will help us diversify our product portfolio, acquire new technology and focus on strengthening our research and development capabilities to achieve certain rate of localisation,” said Naveen Munjal, managing director of Hero Electric.
With this, the company is planning to make significant additions to its manufacturing capacity by setting up multiple plants over the next five years. Delhi-based Hero Electric, which is part of the Vijay Munjal-led Hero Eco, currently has a manufacturing facility at Ludhiana in...