Tube Investments of India’s wholly owned subsidiary -- Tl Clean Mobility (TICMPL) has entered into definitive agreements for acquisition of 65.2% in the equity share capital of IPLTech Electric (IPLT), through a combination of purchase of equity shares from the founders and other existing shareholders of IPLT and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs 246 crore. IPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles. The aforesaid acquisition is subject to the satisfactory completion of the conditions precedents as contained in the aforesaid definitive agreements entered into.
The acquisition is expected to be completed on or before October 31, 2022, subject to satisfactory completion of the Conditions Precedents as contained in the Agreements executed between the parties.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
