Tube Investments of India has acquired a 65% equity stake in an electric heavy commercial vehicle company, IPL Tech Electric. The acquisition would be through a combination of primary and secondary purchases of shares for a total consideration of about INR 246 crore.
The company has been actively exploring growth opportunities in clean mobility, noted M A M Arunachalam, Chairman, Tube Investments of India. He noted, “The acquisition of IPL Tech Electric has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment.”
IPL Tech Electric, a start-up formed in 2019, is India’s first company to manufacture electric heavy commercial vehicles. Rhino 5536, the first offering of the company was revealed in 2019.
Tube Investments has also formed a 100% subsidiary named TI Clean Mobility to focus on the opportunities in the green and clean mobility space. This subsidiary already operates in 3-wheeler electric vehicles and electric tractors verticals under the Cellestial E-Mobility brand.