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

Key Highlights:
•    TICMPL secured Rs 580 crore from GEF for electric vehicle ventures.
•    This boosts their Rs 3,000 crore fundraising plan.
•    TICMPL sells electric HCV and is planning to launch electric tractors and small commercial vehicles.
•    They're focused on EV platforms for 3-wheelers, tractors, and commercial vehicles.
•    S. Vellayan of TII sees GEF's investment as a validation of their eco-friendly mobility vision.

TI Clean Mobility Private Limited ("TICMPL"), a subsidiary of Tube Investments of India Limited, signed final agreements with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF) to raise Rs 580 crore in the form of Equity and Compulsorily Convertible Preference Shares ("CCPS").

As previously disclosed, TICMPL expected to raise Rs 3,000 crore to fund its various electric vehicle segments. The projected GEF investment would bring the total capital mobilization to Rs 2,530 crore. Kotak Investment Banking was TICMPL's only financial advisor for this transaction.

TICMPL sells electric Heavy Commercial Vehicles both directly and through its subsidiaries, and it is in the process of manufacturing electric tractors and electric Small Commercial Vehicles, which are planned to be released in the future quarters.

TICMPL is working on developing EV-native commercial vehicle platforms for three-wheelers, tractors, and small and heavy commercial vehicles. It is a market leader in passenger electric three-wheeler vehicles in South India, and it is currently expanding its presence throughout India.

Sridhar Narayan, Co-founder and Managing Partner of GEF Capital Partners LLC, stated, "We're excited to collaborate with the Murugappa Group and invest in TI Clean Mobility, a differentiated platform targeting productive sub-segments with a strong focus on electrification. Led by industry veteran S. Vellayan and supported by a talented team, they've demonstrated early success with their innovative go-to-market strategy.

S. Vellayan, Executive Vice Chairman of TII, remarked on the aforementioned funding, saying, "GEF is renowned for their commitment to environmental stewardship, and their investment in TICMPL validates our vision and strengthens our resolve to provide cleaner commercial mobility solutions."

Also Read: Murugappa Group's Montra Electric Hosts Successful Drivers' Meet in Kanpur

CMV360 Says

TICMPL's Rs 580 crore investment from GEF turbocharges their clean mobility vision, validating their commitment to eco-friendly transportation and propelling them towards leadership in the electric vehicle market.