Tube Investments of India (TII) and TI Clean Mobility (TICMPL), a subsidiary of TII, have entered into definitive agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively referred as ‘GEF’) for additional subscription towards Compulsorily Convertible Preference Shares for Rs 160 crore in TICMPL. With the proposed investment, TICMPL has completed tying up the targeted fund raise of Rs 3000 crore from TII and other investors.
TICMPL is in the electric mobility business. The proposed fund raising by TICMPL will help scale up the operations of TICMPL and its subsidiaries.
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.