TI Clean Mobility Pvt. Ltd. (TICMPL) has signed definitive documents with Tube lnvestments of India Ltd. (TII), Multiples Private Equity Fund lll, SBI and other co-investors to raise ₹1,950 crore to fuel its EV business through organic and inorganic routes.
The investment will be in the form of equity and compulsorily convertible preference shares. The total investment by Multiples, SBI and other co-investors is ₹1,200 crore, TII subsidiary said in a regulatory filing.
Tll’s total investment would be ₹750 crore, of which ₹639 crore had already been invested by way of equity and inter corporate deposit.
Further, TICMPL plans to raise additional funding of ₹1,050 crore by the end of March 2024, thereby taking the total fund raise to ₹3,000 crore.
The proposed fund raising would help scale operations through acquisitions and capital expenditure of TICMPL and its subsidiaries, the company said.
TICMPL has already unveiled a passenger e-threewheeler, the sales of which are expected to ramp up over the next few quarters. The company, through its subsidiaries, is driving the design and development of electric tractors and electric heavy commercial vehicles.
“TICMPL is focused on the productive segment of electric vehicle industry viz., 3 wheelers, tractors and HCVs. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfil our ambition by scaling our operations through organic and inorganic means,” said M.A.M Arunachalam, chairman Tll and TICMPL.
“We aim to play a significant role in the electrification of vehicles in the productive segment to enable lndia’s 30% EV penetration target by 2030. Our group’s experience across segments such as auto components, vehicle finance, agri business and motors will give us the unique ability to build a large EV native OEM,” said executive vice chairman S. Vellayan.
