Murugappa firm to raise Rs 3k-cr to boost EV industry
TI Clean Mobility intends to further raise Rs 1,050 crore, taking the total fund raising to Rs 3,000 crore. In a bid to raise up to Rs 1,950 crore in capital in the form of equity and compulsorily convertible preference shares, Tube Investments of India (TII), Multiples Private Equity Fund III (Multiples), State Bank of India (SBI), and other co-investors have signed definitive documents, according to TII (CCPS).
Up to Rs 1,200 crore would be invested in total by Multiples, SBI, and other co-investors. The overall investment by Tube Investments (TII) would be Rs. 750 crore, of which Rs. 639 crore has already been invested by TII in the form of equity and inter-corporate deposits (ICD). By the end of March 2024, TI Clean Mobility hopes to raise an additional Rs 1,050 crore in investment, bringing the total amount raised to Rs 3,000 crore.
TI Clean Mobility is primarily focused on the production and marketing of electric three-wheelers, as well as electric tractors and heavy commercial vehicles, through its subsidiaries. Sales of the passenger 3-wheeler electric car from TICMPL are anticipated to pick up during the ensuing quarters. The business is leading the design and development of electric tractors and electric large commercial vehicles through its subsidiaries.
"TICMPL is focused on the productive segment of the electric vehicle industry, viz., 3-wheelers, tractors, and heavy commercial vehicles. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfil our ambition by scaling our operations through organic and inorganic means," said M.A.M. Arunachalam, chairman, TII and TICMPL.
"We aim to play a substantial role in the electrification of cars in the productive segment to enable India's 30% EV penetration objective by 2030," said S. Vellayan, executive vice chairman of TII. Our Group's expertise in a variety of industries, including motors, agribusiness, car finance, and auto components, will enable us to create a sizable local EV OEM. A member of the Murugappa Group, Tube Investments of India produces fabricated metal goods. Cycles, steel tubes, strips, chains, and metal shaped objects are the company's areas of expertise.
In Q3 FY23, the firm reported a 7.52% growth in sales to Rs 3,538.02 crore, a 15.47% decrease in consolidated net profit to Rs 235.75 crore, compared to Q3 FY22. On the BSE, the stock increased 2.19% to close at Rs 2550.45.
Up to Rs 1,200 crore would be invested in total by Multiples, SBI, and other co-investors. The overall investment by Tube Investments (TII) would be Rs. 750 crore, of which Rs. 639 crore has already been invested by TII in the form of equity and inter-corporate deposits (ICD). By the end of March 2024, TI Clean Mobility hopes to raise an additional Rs 1,050 crore in investment, bringing the total amount raised to Rs 3,000 crore.
TI Clean Mobility is primarily focused on the production and marketing of electric three-wheelers, as well as electric tractors and heavy commercial vehicles, through its subsidiaries. Sales of the passenger 3-wheeler electric car from TICMPL are anticipated to pick up during the ensuing quarters. The business is leading the design and development of electric tractors and electric large commercial vehicles through its subsidiaries.
"TICMPL is focused on the productive segment of the electric vehicle industry, viz., 3-wheelers, tractors, and heavy commercial vehicles. The confidence reposed by esteemed investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfil our ambition by scaling our operations through organic and inorganic means," said M.A.M. Arunachalam, chairman, TII and TICMPL.
"We aim to play a substantial role in the electrification of cars in the productive segment to enable India's 30% EV penetration objective by 2030," said S. Vellayan, executive vice chairman of TII. Our Group's expertise in a variety of industries, including motors, agribusiness, car finance, and auto components, will enable us to create a sizable local EV OEM. A member of the Murugappa Group, Tube Investments of India produces fabricated metal goods. Cycles, steel tubes, strips, chains, and metal shaped objects are the company's areas of expertise.
In Q3 FY23, the firm reported a 7.52% growth in sales to Rs 3,538.02 crore, a 15.47% decrease in consolidated net profit to Rs 235.75 crore, compared to Q3 FY22. On the BSE, the stock increased 2.19% to close at Rs 2550.45.
