Tube Investments of India Secures ₹310 Crore Investment for EV Expansion
Tube Investments of India Secures ₹310 Crore Investment for EV Expansion

Tube Investments of India Secures ₹310 Crore Investment for EV Expansion

June 6, 2024
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Tube Investments of India and TI Clean Mobility Pvt. Ltd. (TICMPL) have finalized a securities subscription agreement with Luxembourg Specialist Investment Fund FCP-RAIF (M&G) and existing investors of TICMPL to secure about ₹310 crore in equity and compulsorily convertible preference shares (CCPS). This funding will bring TICMPL’s total raised funds to ₹2,840 crore, nearing their goal of ₹3,000 crore.

Purpose of the Investment

The newly raised capital will support the expansion of TICMPL and its subsidiaries, as stated by the Murugappa group firm. TICMPL is focused on developing electric vehicle-native commercial platforms, including 3-wheelers, tractors, and small and heavy commercial vehicles. The company leads the passenger 3-wheeler EV market in South India and is working towards establishing a presence nationwide.

Details of the Securities

Under the terms of the agreement, M&G will be issued

50 equity shares at ₹20 each, totaling ₹1,000,
and 3.10 crore CCPS at a face value of ₹100 each, amounting to ₹310 crore.

This strategic investment will bolster TICMPL’s financial resources, enabling it to enhance its product offerings and market reach.

Ongoing and Upcoming Projects

TICMPL, through its subsidiaries, currently sells electric heavy commercial vehicles (HCVs) and is nearing the final stages of developing electric tractors and small commercial vehicles (SCVs), expected to launch soon. These developments are set to enhance TICMPL’s footprint in the electric vehicle market.

Read More: IPLTech RHINO 5536 Electric Truck: Everything you need to know

Strategic Goals and Future Plans

TICMPL’s dedication to creating innovative EV platforms aligns with the global shift towards sustainable transportation. With significant investment support and a clear strategy for product development and market growth, TICMPL aims to achieve substantial progress in the EV sector.

Final Thoughts

This successful round of funding highlights TICMPL’s commitment to advancing electric mobility and achieving its strategic objectives. With robust investor backing and a well-defined path for future innovations and expansions, TICMPL is well-positioned to contribute significantly to the sustainable transportation industry. 

The post Tube Investments of India Secures ₹310 Crore Investment for EV Expansion appeared first on E-Vehicleinfo.

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