TI Clean Mobility Private Limited (“TICMPL”), a Subsidiary of Tube Investments of India Limited (“TII”), has signed definitive agreements on 5th May 2023 to raise further capital of Rs. 675 Cr. by way of CCPS.
Multiples along with other co-investors would be investing an aggregate amount of Rs. 600 Cr, while TII would be investing Rs. 75 Cr.
In February 2023, TICMPL announced the capital infusion plan of Rs. 1950 Cr. and signed definitive agreements with Multiples, State Bank of India and TII to raise capital up to Rs. 1275 Cr. of which Rs. 817 Cr has already been infused in the form of equity and CCPS.
With the execution of definitive agreements for the balance Rs. 675 Cr, the capital infusion plan for Rs. 1950 Cr. has been fully tied up.
TICMPL has already unveiled its passenger electric 3-wheeler and has started deliveries to dealerships across south India. TICMPL’s subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana.
About TI Clean Mobility Private Limited:
TI Clean Mobility Private Limited, is a subsidiary of Tube Investments of India Ltd is focused into manufacture and marketing of Electric Three Wheelers and through its subsidiaries into Electric Tractors and Electric Heavy Commercial Vehicles.
About Murugappa Group
Founded in 1900, the INR 547 Billion (INR 54,722 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including ten listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock & Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals). The Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 59,000 employees.
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