TI Clean Mobility (TICMPL), a wholly owned subsidiary of Tube Investments India (TII), plans to raise capital. 3,000 crore by March 2024 to fund its electric vehicle business. Tube Investments India has already contributed 639 crore of this, according to an announcement on Saturday.
Tube Investment (TII), state Bank of IndiaMultiples Private Equity Fund II, and other co-investors sign binding agreements with Tl Clean Mobility (TICMPL) arm of Tube Investments 1,950 crore in equity and compulsorily convertible preference shares (CCPS), the company said.
Multiples Private Equity Fund, SBI and other co-investors will invest a total of Rs 1200 crore. Total Investment 750 crore, of which Rs 639 crore has already been infused through equity and LCD. TICMPL also intends to raise an additional Rs 1,050 crore by the end of March 2024, taking the total funds raised to Rs 3,000 crore.
Tl Clean Mobility intends to expand its presence in the electric mobility market through both organic and inorganic means. The proposed fund raising by TICMPL will help TICMPL and its subsidiaries to expand their operations through acquisitions and capital expenditure, the press release said.
“TICMPL is focused on the productive segment of the electric vehicle industry i.e. 3 wheelers, tractors and heavy commercial vehicles. The confidence expressed by respected investors like multiples and SBI will give TICMPL the necessary impetus to meet our ambition by scaling up our operations. organic and inorganic means,” said TII and TICMPL President MAM Arunachalam.
“We aim to play a pivotal role in the electrification of vehicles in the manufacturing segment to enable India’s 30% EV penetration target by 2030. Our group’s experience in sectors such as auto components, vehicle finance, agribusiness and motors will enable us will provide unique. capability to manufacture a large EV indigenous OEM,” said S Vellayan, Executive Vice President, TLL.
“We are proud and excited to partner with the Murugappa Group in the journey of building India’s leading electric commercial vehicle OEM. In line with our strategy to identify big innings and invest with category champions, we believe Mr. Arun’s Led by Renuka Ramnath, MD & CEO, TICMPL Multiples, Founder, Murugappan and Mr S Vellayan will build a strong brand with a differentiated customer proposition.
On Friday, shares of Tube Investments closed 2.19% higher at 2550.45 on BSE.
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