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

Tube Investments of India and TI Clean Mobility Pvt. Ltd. (TICMPL) have secured ₹310 crores in equity and CCPS through an agreement with Luxembourg Specialist Investment Fund FCP-RAIF (M&G) and existing TICMPL investors.

The new capital will support TICMPL's expansion and its subsidiaries, focusing on developing electric vehicle-native commercial platforms, according to the Murugappa group firm.

Purpose  of the Investment

Under the agreement, M&G will receive 50 equity shares at ₹20 each and 3.10 crore CCPS at ₹100 each, totaling ₹310 crore. This investment will strengthen TICMPL's finances, enhancing its product offerings and market reach.

Details  of the Securities

TICMPL sells electric heavy commercial vehicles (HCVs) and is close to launching electric tractors and small commercial vehicles (SCVs) through its subsidiaries.

Upcoming Projects

With significant investment support and a clear product development and market growth strategy, TICMPL aims to achieve substantial progress in the EV sector.

Future Plans