Hero MotoCorp, which sells one of every two motorcycles locally, said recently it would spend Rs 10,000 crore on alternative mobility solutions.This is as per a report in the Economic Times.
Pawan Munjal, the chairman and managing director of Hero MotoCorp, has invested about $1 million in Ola Electric Mobility through his family trust.
Hero MotoCorp, which sells one of every two motorcycles locally, said recently it would spend Rs 10,000 crore on alternative mobility solutions.
Pawan Munjal Family Trust has been allotted 18 preference shares, each at a premium of Rs 39,87,608 and face value of Rs10, according to regulatory filings.
Giles Whiting, Partner at SoftBank Group, has also joined the company’s board, the filings showed.
Last year, Ola Electric Mobility raised $250 million (Rs 1,725 crore) from SoftBank, valuing the company at close to $1 billion. The firm is running pilot electric mobility projects in Gurugram, Bengaluru, and Nagpur.
Last month, Uber said it planned to quadruple its electric vehicles fleet in India by the end of the year to 1,500. Mobility startups Bounce, Yulu and Vogo are also looking to add more electric vehicles to their fleet.
India has been actively pushing for electric vehicles in a bid to bring down oil imports and curb pollution. The intent is to electrify all new vehicles by 2030 and the government is asking auto manufacturers to draw up plans for electrification, in line with its commitment to the Paris Climate Change Treaty.