TI Clean Mobility Raises Rs 310 Crore for Electric Vehicle Expansion

Key Highlights:

• TICMPL gets Rs 310 crore from M&G for EV ventures.
• Total funds now Rs 2,840 Cr, close to Rs 3,000 Cr goal.
• Expanding beyond South India, focusing on tractors and commercial EVs.
• Vellayan welcomes M&G's investment in cleaner mobility.
• M&G backs TICMPL's EV ecosystem mission to cut fossil fuel dependency.

TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has inked definitive agreements with M&G Investments (M&G) to raise about Rs 310 crore in equity and compulsorily convertible preference shares (CCPS).

TICMPL is a market leader in passenger electric three-wheeler vehicles in South India, and it is expanding its operations throughout India.

Praveg Patil, M&G's Head of Asia Pacific Impact and Private Equity, commented, "We share TICMPL's mission to develop an indigenous EV ecosystem and are excited about the potential to reduce fossil fuel dependency and decarbonize India's commercial vehicle fleets."

This investment puts TICMPL's total fundraising to Rs 2,840 crore, bringing it closer to its Rs 3,000 crore target for funding its electric automobile segments. 

S. Vellayan, TICMPL's Vice Chairman, welcomed M&G's investment, saying, "We are committed to delivering EV solutions for commercial mobility and are excited to partner with M&G to create a cleaner future and smarter transportation."

TICMPL is making electric vehicles like three-wheelers and working on electric tractors and mini trucks, which will be available soon. This shows they care about new ideas and want to offer more ways for people to travel without harming the environment.

Kotak Investment Banking played a pivotal role as TICMPL's exclusive financial advisor for this transaction, facilitating the successful partnership between TICMPL and M&G.

Also Read: TICMPL Secures Rs 580 Crore Investment from GEF for Clean Mobility Solutions

CMV360 Says

This investment in TI Clean Mobility signifies a promising shift towards electric vehicles in India. With the support of M&G Investments and the company's ambitious fundraising efforts, TICMPL is well-positioned to innovate further and lead the charge towards a cleaner, greener future.