TI Clean mobility to raise Rs 310 cr from M&G Investments in form of CCPS

Posted on by

2 min read Last Updated : Jun 05 2024 | 5:38 PM IST


TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India (TII), has signed definitive documents with M&G Investments (M&G) to raise capital of about Rs 310 crore in the form of equity and compulsorily convertible preference shares (CCPS).

TICMPL had planned to raise capital to the tune of Rs 3,000 crore to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment, the overall fund raising would aggregate to Rs 2,840 crore.


TICMPL is focused on creating EV-native commercial vehicle platforms across three-wheelers, tractors, small and heavy commercial vehicles. It is a leader in the passenger three-wheeler electric vehicle across South India and is currently building a pan-India presence.


TICMPL, directly or through its subsidiaries, sells electric heavy commercial vehicles and is in advanced stages of developing electric tractors and electric small commercial vehicles which are expected to be launched in the coming quarters.


Commenting on the fund raising, S. Vellayan, vice chairman, TICMPL said: “We are happy to announce the 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.”


On its investment into TICMPL, Praveg Patil, head of Asia Pacific impact and private equity at M&G, said: “M&G Catalyst is pleased to invest in one of India’s fastest-growing commercial electric vehicle manufacturers, TI Clean Mobility Private Limited, part of the Murugappa Group. We share the company’s mission to develop an indigenous EV ecosystem 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.”


Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.

First Published: Jun 05 2024 | 5:26 PM IST