TI Clean Mobility Secures Additional INR 310 Cr Investment From M&G Investments

Abhijeet Singh
06 Jun 2024
03:09 PM
1 Min Read

This investment structured as Equity and Compulsorily Convertible Preference Shares (CCPS) is step forward for plans to expand electric vehicle (EV) offerings.

TI Clean Mobility INR 310 Cr Investment From M&G Investments mobility outlook

TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has signed definitive documents with M&G Investments to secure a capital infusion of approximately INR 310 crore. This new funding from M&G Investments forms part of TICMPL's broader strategy to raise INR 3,000 crore to support its multiple EV verticals. TICMPL's total capital raised to date has reached INR 2,840 crore bringing the company closer to its financial goals.

TICMPL is dedicated to developing EV-native commercial vehicle platforms, including 3-wheelers, tractors, and both small and heavy commercial vehicles. The company has established itself as a leader in the passenger 3-wheeler electric vehicle market in South India and is actively working towards expanding its presence across the country. TICMPL is already marketing electric Heavy Commercial Vehicles and is in the advanced stages of developing electric tractors and Small Commercial Vehicles, which are anticipated to launch in the coming quarters. Kotak Investment Banking acted as the exclusive financial advisor for TICMPL in this transaction ensuring a smooth and efficient process.

S Vellayan, Vice Chairman of TICMPL, said 'We are happy to announce participation of M&G in providing an impetus to our commitment in delivering EV solutions for commercial mobility. Together, we stride towards a cleaner future and smarter transportation.”

Praveg Patil, Head of Asia Pacific Impact and Private Equity at M&G, added ' We share the company's mission to develop an indigenous EV eco-system by leveraging local manufacturing and technology capabilities. We are excited by the potential of this investment to reduce fossil fuel dependency and decarbonise substantial parts of India's commercial vehicle fleets.”

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