Tube Investments of India’s subsidiary -- TI Clean Mobility (TICMPL) has signed definitive documents on June 5, 2024 with M&G Investments (M&G) to raise a capital of about Rs 310 crore in the form of Equity and Compulsorily Convertible Preference Shares. As announced earlier, TICMPL planned to raise capital to the tune of Rs 3,000 crore to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment, the overall fund raising would aggregate to Rs 2,840 crore.
TICMPL is focused on creating EV-native commercial vehicle platforms across 3- wheelers, tractors, small and heavy commercial vehicles. It is a leader in the passenger 3-wheeler electric vehicle across South India and is currently building a pan-India presence. TICMPL, directly or through its subsidiaries, sells electric Heavy Commercial Vehicles and are in advanced stages of developing electric tractors and electric Small Commercial Vehicles which are expected to be launched in the coming quarters.
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.
