Murugappa Group company, Tube Investments of India has announced that Multiples Private Equity Fund lll as well as State Bank of India have invested Rs 267 crores and Rs 133 crores in TI Clean Mobility or TICMPL, a subsidiary of their respective companies.
TICMPL planned to raise capital through a variety of fundraising channels in order to help accelerate the electric vehicle (EV) industry.
TICMPL signed last month definitive documents with TII and Multiples Private Equity Fund lll, and SBl to raise capital of up to Rs 1,950 crores in equity and compulsorily convertible preference stocks. Multiples, SBI, and other co-investors would invest a total of 1,200 million, it said.
The company plans to grow its presence in the electric mobility market through both organic as well as inorganic methods. The proposed fundraising by TICMPL will allow the company to scale its operations through acquisitions as well as capital expenditures of TICMPL or its subsidiaries.
TICMPL already revealed its passenger electric three-wheeler, which will be increasing in sales over the coming quarters.
Through its subsidiaries, the company is responsible for designing and developing electric tractors as well as electric heavy commercial vehicles.
MAM Arunachalam, also known as Arun Murugappan, chairman of TII, and TICMPL said that the company was focusing on the product segment in the electric vehicle industry, such as three-wheelers and tractors, and heavy commercial vehicles.
TICMPL will be able to realize its ambitions by increasing our operations through both organic and inorganic methods thanks to the confidence shown by esteemed investors like Multiples and SBI.
