TI Clean Mobility Private Limited (TICMPL), a Subsidiary of Tube Investments of India Limited (TII), has signed definitive agreements on 5th May 2023 to raise further capital of Rs. 675 Cr. by way of CCPS. Multiples along with other co-investors would be investing an aggregate amount of Rs. 600 Cr, while TII would be investing Rs. 75 Cr.
In February 2023, TICMPL announced the capital infusion plan of Rs. 1950 Cr. and signed definitive agreements with Multiples, State Bank of India and TII to raise capital up to Rs. 1275 Cr. of which Rs. 817 Cr has already been infused in the form of equity and CCPS.
With the execution of definitive agreements for the balance of Rs. 675 Cr, the capital infusion plan for Rs. 1950 Cr. has been fully tied up.
TICMPL has already unveiled its passenger electric 3-wheeler and has started deliveries to dealerships across south India. TICMPL’s subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana.
