Tube Investments of India’s (TII) wholly-owned subsidiary -- TI Clean Mobility (TICM) is planning to raise Rs 3,000 crore by March 2024 to fuel its electric vehicle business. TICM is focused on manufacturing and marketing of electric three-wheelers. It is also into the manufacturing and marketing of e-tractors an electric heavy commercial vehicles through its subsidiaries. It has signed definitive documents with TII, Multiples Private Equity Fund III, State Bank of India along with other co-investors to raise capital up to Rs 1,950 crore in the form of equity and compulsorily converted preferential shares (CCPS). The total investment by Multiples, SBI and other co-investors would aggregate up to Rs 1,200 crore. Investment by TII will be to the tune of Rs 750 crore, of which it has already invested Rs 639 crore by way of equity and ICD.
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.
