Tube lnvestments of India subsidiary TICMPL secures Rs 1,950cr for EV platform

Tl Clean Mobility Private Limited (TICMPL) has inked definitive documents with its parent company Tube lnvestments of India Limited (Tll) along with Multiples Private Equity Fund lll, State Bank of India (SBl) as well as other co-investors to raise capital up to INR 1,950 crores in the form of equity and compulsorily convertible preference shares (CCPS).

Tl Clean Mobility Private Limited is involved in manufacturing and marketing electric three wheelers and via its subsidiaries into electric tractors and electric heavy commercial vehicles. It is part of Indian business conglomerate Murugappa Group.

The total investment made by Multiples Private Equity Fund lll, SBI, and other co-investors will amount at INR 1,200 crores.

Renuka Ramnath — Multiples Private Equity Fund lll Founder, MD, and CEO said: “We are privileged and excited to partner with the Murugappa group in its journey to build lndia’s leading electric commercial vehicle OEM.”

The total investment of Tube lnvestments of India Limited would be INR 750 crores of which INR 639 crores has already been invested through equity and inter-corporate deposit (ICD).

Additionally, Tl Clean Mobility Private Limited intends to raise additional funds in the amount of INR 1,050 crores before the close of March 2024, which will bring the total raised amount up to INR 3,000 crores.

Tl Clean Mobility Private Limited has unveiled its passenger three-wheeler electric vehicle (EV).

Arun Murugappan — Tube lnvestments of India Limited and Tl Clean Mobility Private Limited chairman said: “TICMPL is focused on the productive segment of electric vehicle industry viz.,3 Wheelers, Tractors and Heavy Commercial Vehicles. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfil our ambition by scaling our operations through organic and inorganic means.”

Recently, Tl Clean Mobility signed a deal to take 100% ownership of Cellestial E-Mobility, a Hyderabad-based manufacturer of electric tractors, for INR 50.9 crores.