TI Clean Mobility Secures ₹310 Crore Investment from M&G Investments.

Murugappa Group’s electric vehicle arm, TI Clean Mobility Pvt Ltd (TICMPL), has secured a capital infusion of ₹310 crore from M&G Investments through equity and Compulsorily Convertible Preference Shares (CCPS).

TICMPL, a subsidiary of Tube Investments of India Ltd, had initially planned to raise ₹3,000 crore to support its various electric vehicle ventures. With this latest funding, the total capital raised has reached ₹2,840 crore, as stated by the company.

“We are happy to announce the participation of M&G in providing an impetus to our commitment to delivering EV solutions for commercial mobility,” said S Vellayan, Vice Chairman, TICMPL.

TICMPL, directly or through its subsidiaries, markets electric heavy commercial vehicles and is in advanced stages of developing electric tractors and small commercial vehicles, expected to launch in the coming quarters. Praveg Patil, Head of Asia Pacific Impact and Private Equity at M&G, expressed excitement about the investment's potential to reduce fossil fuel dependency and decarbonize India's commercial vehicle fleets.

The company has earmarked over ₹450 crore in capex for this fiscal year, with ₹320 crore allocated for establishing a unit for electric small commercial vehicles in Chennai.

TICPL aims to achieve annual production capacities of 75,000 e-three-wheelers, 50,000 electric small commercial vehicles, 25,000 electric tractors, and 4,500 electric heavy commercial vehicles. Its subsidiary, Tivolt Electric Vehicles, is set to roll out its electric small commercial vehicle in the second quarter of this fiscal year.

HBL