TI Clean Mobility Pvt Ltd, a subsidiary of Tube Investments of India Ltd, has finalized agreements with M&G Investments to secure Rs 310 crore in funding. This investment brings the total capital raised by TI Clean Mobility Pvt Ltd, a division of the diversified Murugappa Group, to Rs 2,840 crore.
The company initially aimed to raise Rs 3,000 crore to support its various electric vehicle business ventures.
In a statement released on Wednesday, TI Clean Mobility announced it signed definitive agreements with M&G Investments on June 5 to raise Rs 310 crore through Equity and Compulsorily Convertible Preference Shares.
“We are delighted to have M&G on board, enhancing our dedication to offering EV solutions for commercial mobility. Together, we move towards a cleaner future and smarter transportation,” said S Vellayan, Vice Chairman of TI Clean Mobility Pvt Ltd.
TI Clean Mobility offers a range of heavy commercial vehicles and is in the advanced stages of developing electric tractors and electric small commercial vehicles.
Praveg Patil, M&G’s Head for Asia Pacific, expressed, “M&G is enthusiastic about investing in TI Clean Mobility, a rapidly expanding commercial electric vehicle manufacturer in India under the Murugappa Group umbrella. We believe this investment holds immense potential to diminish reliance on fossil fuels and promote the decarbonization of substantial segments of India’s commercial vehicle fleets.”
TI Clean Mobility also mentioned that Kotak Investment Banking served as the exclusive financial advisor for the transaction.
