Tube lnvestments of India to acquire 65% stake in lPLTech Electric

Tube lnvestments of India said that its fully-owned subsidiary Tl Clean Mobility has agreed to acquire a stake of 65.2% in lPLTech Electric for up to INR 246 crores.

Based in Gurgaon, lPLTech Electric is involved in the manufacturing and selling of electric heavy commercial vehicles. The company was formed in August 2019.

The stake acquisition aligns with the intention of Tl Clean Mobility to enlarge its product and business portfolio with a view to bringing down its dependence on existing revenue streams.

Arun Murugappan — Chairman of Tube lnvestments of India said: “The acquisition of lPLTech Electric Private Limited has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment. We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals.”

The deal, which is subject to certain preceding conditions, is likely to close by the end of October 2022, said Tube lnvestments of India, which is a part of the Murugappa Group.