Ather

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 The proposed IFC investment is an equity investment of up to US$25 million in Ather Energy Private Limited (“Ather ” or “ the Company”)) (https://www.atherenergy.com), a leading two-wheelers electric vehicles (EVs) manufacturer based in Bengaluru, India with production facilities in Hosur, Tamil Nadu, and retail partners, service centers, and charging stations located in 20 Indian cities. IFC investment proceeds will support the Company’s   expansion of the manufacturing capacity (both battery & two-wheeler vehicle lines), and new product research and development. New product research and development will support Ather’s plans to launch two new vehicle lines that will be more affordable and cater to a wider customer segment. Ather’s existing facilities in Hosur were completed in September 2022 and have the capacity to produce up to 400,000 two-wheel EVs per year. The company’s proposed new battery and vehicle factories will add another 1 million EVs per year to their total production capacity. A final decision on the location of these proposed facilities will depend on the outcomes of ongoing negotiations with various state governments over EV manufacturing incentives. The Company assessing several locations within established industrial parks with all required infrastructure.