Tube Investments of India’s subsidiary – TI Clean Mobility (TICMPL) has acquired 5,024 equity shares of M/s IPLTech Electric (IPLT), representing 23.69% of the share capital of IPLT for an aggregate consideration of about Rs 185 crore. Consequent to the acquisition, TICMPL's shareholding in IPLT has increased from 65.77% to 89.46%.
The investment is part of TICMPL's plan to consolidate its holding in the electric truck business. The acquisition has been completed on May 30, 2024.
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.
