Tube Investments of India (TII), an affiliate of the Murugappa Group, announced that Multiples Private Equity Fund ll and State Bank of India (SBI) have invested ‘267 crore and ‘133 crore, respectively, in TI Clean Mobility (TICMPL). TICMPL had intended to collect money to the extent of ‘3,000 crore through a variety of fundraising tools in order to accelerate the (EV) industry.
Last month, TICMPL inked definitive agreements with TII, Multiples Private Equity Fund ll, and SBl, as well as other co-investors, to fund up to ‘1,950 crore in equity and mandatory convertible preference shares. (CCPS). Multiples, SBI, and other co-investors would spend a total of ‘1,200 rupees,’ it said at the time.
The company intends to grow its presence in the electric transportation market through both organic and external methods. TICMPL’s planned fund gathering will aid in the expansion of its activities through purchases and capital expenditures by TICMPL and its companies.
TICMPL has already revealed its passenger three-wheeler electric car, with sales anticipated to increase in the coming quarters. The business is leading the creation and development of electric tractors and electric heavy commercial vehicles through its companies.
While announcing its intent to raise funds last month, MAM Arunachalam (known as Arun Murugappan), chairman, TII and TICMPL, said, “TICMPL is focused on the productive segment of electric vehicle industry such as 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 fulfill our ambition by scaling our operations through organic and inorganic means.”
