Ather (IFC-47016)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 30, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
ATHER ENERGY PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 3, 2023

Disclosed by Bank Feb 22, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed investment is an equity investment of up to US$25 million in Ather Energy Private Limited (“Ather ” or “ the Company”).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.                                                  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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. Between January to December 2022, Ather sold ~59K vehicles, registering a 224% growth yoy.                                                 

Ather Energy was founded by Tarun Mehta (who currently serves as the Chief Executive Officer) and Swapnil Jain (who serves as the Chief Technology Officer) in 2013.

                             

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ather Energy Private Limited Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ather Energy Private Limited
Tarun Mehta
CEO
+91-7676600900
info@atherenergy.com
Ather Energy Private Limited, 3rd Floor, Tower D, IBC Knowledge Park, #4/1, Bannerghatta Main Road, Bangalore, Karnataka, 560029, India
www.atherenergy.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works