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Murugappa Group’s Tube Investments of India, through its subsidiary TI Clean Mobility, (TCM), has entered into an agreement to purchase a 65% stake in IPL Technology Electric (IPLT). The transaction is worth Rs 246 crore
In a statement, the company stated that it would acquire shares through both primary and secondary acquisitions.
“The acquisition of IPL Tech Electric Private Limited has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment. We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals,” said M A M Arunachalam, chairman of the company.
IPL Tech, an Indian start-up founded in 2019, is the first to produce electric heavy commercial vehicles. IPL Tech Electric’s first offering is the “Rhino 5536”, which can be used in all weather conditions.
Tube Investments of India was looking for growth opportunities in the clean mobility segment. To consolidate its clean mobility ventures, the Company created a 100% subsidiary TCM. TCM currently has interests in three-wheeler electric vehicles as well as electric tractors (operated through Cellestial E-Mobility).
It had earlier this month announced that it will venture into electric vehicles with the launch of its electric three-wheeler brand Montra in September. The Murugappa Group will spend around Rs 200 crore on the electric three-wheeler segment.