The company stated that the planned fundraising by TICMPL will enable the expansion of its operations and those of its subsidiaries.
TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), announced on Wednesday its fundraising initiative with M & G Investments (M&G). The initiative involves raising approximately INR 310 crore through Equity and Compulsorily Convertible Preference Shares (CCPS).
Previously TICMPL aimed to raise INR 3,000 crore to support the expansion of its electric vehicle divisions. Following the completion of this investment, the total amount raised will reach INR 2,840 crore, according to the company’s filings with the stock exchange. This fundraising will enable TICMPL and its subsidiaries to scale up their operations, the company noted.
Currently, TICMPL is engaged in manufacturing diverse commercial vehicle platforms including 3-wheelers, tractors, and both small and heavy commercial vehicles, with plans to establish a nationwide presence.
S Vellayan, Vice Chairman of TICMPL, expressed his pleasure over M&G’s support, highlighting that M&G’s involvement enhances their commitment to delivering electric vehicle solutions for commercial mobility and propels them towards a cleaner and smarter future in transportation.
Praveg Patil, Head of Asia Pacific Impact and Private Equity at M&G, shared his enthusiasm for investing in TI Clean Mobility Private Limited. As a prominent player in India’s rapidly expanding commercial electric vehicle market and a member of the Murugappa Group, they share the company’s aim to develop a domestic EV ecosystem by leveraging local manufacturing and technology. Patil is excited about the investment’s potential to reduce dependence on fossil fuels and aid in decarbonizing a major portion of India’s commercial vehicle fleets.
Kotak Investment Banking served as the exclusive financial advisor to TICMPL for this deal.
