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TI Clean Mobility to raise Rs 3000 Cr to fuel its EV platform
Industry News- Mar 10,23
TI Clean Mobility Private Limited signed terms with Multiples, State Bank of India and other co-investors to raise capital in the form of Equity and CCPS to Rs 1950 crores. The parent company Tube Investments of India Limited (TII) to invest Rs 750 crore to achieve the total fund raise of Rs 3000 crore.
TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India Limited (TII), has signed definitive documents with TII, Multiples Private Equity Fund III (Multiples), State Bank of India (SBI) along with other co-investors to raise capital up to Rs 1950 crore in the form of Equity and CCPS. The total investment by Multiples, SBI and other co-investors would aggregate up to Rs 1200 crore. TII’s total investment would be Rs 750 crore, of which TII has already invested Rs 639 crore by way of Equity and ICD. Further, TICMPL plans to raise additional funding of Rs 1,050 crore by the end of March 2024, thereby taking the total fund raised to Rs 3,000 crore.
TICMPL has already unveiled its passenger 3-wheeler electric vehicle; sales of which are expected to ramp up over the next few quarters. The company, through its subsidiaries, is driving the design and development of electric tractors and electric heavy commercial vehicles. “TICMPL is focused on the productive segment of the electric vehicle industry viz., three-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,” said, M A M Arunachalam, Chairman, TII and TICMPL.
S Vellayan, Executive Vice Chairman, TII added, “We aim to play a significant role in the electrification of vehicles in the product segment to enable India’s 30 per cent EV penetration target by 2030. Our group’s experience across segments such as auto components, vehicle finance, agribusiness and motors will give us the unique ability to build a large EV native OEM.”
Renuka Ramnath, Founder, MD and CEO of Multiples said, “We are privileged and excited to partner with the Murugappa group in its journey to build India’s leading electric commercial vehicle OEM. In line with our strategy of identifying big shifts and investing with category champions, we believe that TICMPL under the leadership of Mr Arun Murugappan and Mr S Vellayan will build a strong brand with a differentiated customer proposition.”
TI Clean Mobility Private Limited
TICMPL
Multiples
State Bank of India
Equity
CCPS
Tube Investments of India Limited (TII)
M A M Arunachalam
S Vellayan
Renuka Ramnath
EV
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