Ather Energy, an electric vehicle manufacturer, has chosen Aurangabad in Maharashtra for its third plant, according to a report by the Business Standard. The company plans to invest Rs 1,000 crore in this new facility, which will be developed in phases over 100 acres in Bidkin town, Aurangabad. The agreement for the new plant is expected to be finalized soon.

Ather Energy currently operates an assembly plant and a battery plant in Hosur, Tamil Nadu. This expansion into Maharashtra marks a significant step in the company's growth strategy.

In a recent development, Hero MotoCorp acquired an additional 2.2% stake in Ather Energy for Rs 124 crore. Ather Energy, based in Bengaluru, focuses on the design, manufacturing, production, sale, and servicing of electric vehicles and charging infrastructure. The company also manages storage, distribution, and energy management systems, particularly in the form of batteries.

For the fiscal year 2024, Ather Energy reported a revenue of Rs 1,753.8 crore. The company is also preparing for an initial public offering (IPO) planned for early next year. According to a Bloomberg News report from February, Ather has been selecting banks for an IPO that could value the company at about $2 billion. The IPO might seek to raise up to $400 million, although the final size and value could vary.

Ather Energy was founded in 2013 by Tarun Mehta and Swapnil Jain, graduates of the Indian Institute of Technology Madras. In 2022, the company raised approximately $128 million in a Series E funding round, which included investments from the National Investment and Infrastructure Fund Ltd. and existing shareholders such as Hero MotoCorp Ltd.