BENGALURU (Reuters) - Eicher Motors Ltd will buy a nearly 10.35% stake in Spanish electric motorcycle maker Stark Future SL for 50 million euros ($53.22 million), it said on Thursday, the latest such investment by an Indian company amid rising demand for EVs.
The parent of Royal Enfield will nominate a director to the board of Stark, which currently does not have a facility in India.
"This investment will pave the way for a long term partnership in collaborative research and development in electric motorcycles, technology sharing, technical licensing, and manufacturing," Eicher said in a stock exchange filing.
Rival bikemaker Hero MotoCorp said in September it would invest in California-based Zero Motorcycles to jointly develop electric motorcycles.
EVs are expected to account for 33% of global sales by 2028, according to consultant AlixPartners, from less than 8% last year.
($1 = 0.9396 euros)
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sriraj Kalluvila)