Murugappa Group Enters E-SCV Market, Announces Rs. 3,000 Crore Investment in EVs

Chennai-based Murugappa Group is gearing up to enter the electric small commercial vehicle (e-SCV) business through its subsidiary, Tivolt Electric Vehicles, under TI Clean Mobility (TICMPL). The group plans to unveil their e-SCV in the coming months, with a substantial investment of approximately Rs 3,000 crore in electric vehicles through TI Clean Mobility.

This move follows closely on the heels of TI Clean Mobility's recent definitive agreement to secure Rs 580 crore from private equity firm GEF Capital Partners LLC. Upon the completion of this investment, the total funds raised by TI Clean Mobility would amount to Rs 2,530 crore.

Vellayan Subbiah, Executive Vice Chairman of Tube Investments of India (TII), expressed confidence in India's potential to lead the global electric vehicle adoption, emphasizing TICMPL's significant commitment to the sector. The company is currently working on developing four platforms, including the successful MHCV truck and EV three-wheeler already present in the market.

The upcoming e-SCV is anticipated to revolutionize India's mid-mile and last-mile mobility sectors with its cutting-edge technology, unique design, robust performance, and durable construction, according to a statement from the company.

TICMPL highlighted that the development of the e-SCV has undergone extensive research and rigorous testing. Established in February 2022 as a TI subsidiary, TICMPL has been dedicated to providing clean mobility solutions. With the addition of e-SCVs as its fourth EV platform, TICMPL is now positioned to offer comprehensive mobility solutions to businesses and logistics companies, catering to intercity, intracity, and last-mile applications.

Subbiah expressed particular excitement about the upcoming Small Commercial Vehicle (SCV) platform, emphasizing its potential for rapid EV adoption in India supported by favorable policies and government initiatives. He reiterated the company's commitment to becoming a leading player in the SCV segment, emphasizing the anticipated success of the TIVOLT e-SCV in the market.

The company also announced its dedication to eco-friendly mobility solutions through Montra Electric, aiming to usher in a new era of growth and innovation in the electric vehicle industry. The development of Montra Electric products reflects the company's commitment to providing practical and sustainable solutions for customers and business alike.

BS