India’s Hero MotoCorp on Thursday said ​it would buy additional shares ​of Ather Energy for up ‌to 17.58 billion rupees ($184.01 million), raising its stake in the electric scooter maker to 32.8%.

The shares will be purchased from an existing Ather stakeholder, Hero said, without naming the seller.

Hero, the Bengaluru-based EV ‌company’s biggest shareholder, held a 29.88% stake as of August 25.

The announcement comes days after Ather allotted convertible warrants to Hero worth 9.60 billion rupees ​as part of a separate preferential issue.

India is seeing ‌intensifying competition in its fast-growing electric two-wheeler market ​as ‌established automakers and newer EV companies vie ‌for market share.

Earlier this month, Ather reported a sharply ‌narrower first-quarter ​loss helped ​by strong demand for its family-focused Rizta scooters.

($1 = 95.5400 Indian ‌rupees)

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