EV branch of Murugappa group receives GEP capital’s investment

A formal agreement has been signed by TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India Ltd, to finance 580 crore from GEF Capital Partners through the issuance of compulsorily convertible preference shares and equity.

This is a portion of the 3,000 crore in funding that TI Clean Mobility intends to raise for its electric vehicle (EV) project. The company reported on Monday that it had already raised about ₹2,530 crore of this.

The Murugappa group has a holding company called Tube Investments. Tube Investments (TII), the State Bank of India, Multiples Private Equity Fund III, and additional investors announced in February 2023 that they had contributed ₹1,950 crore to Tl Clean Mobility (TICMPL).

TICMPL is a manufacturer of three-wheeler electric passenger automobiles. The firm plans to increase its market share in the electric mobility sector by taking both organic and inorganic routes. The money raised will support TICMPL and its subsidiaries' capital expenditures as well as the company's efforts to grow through acquisitions.

To increase the range of products it offers in the electric vehicle market, TICMPL established Tivolt Electric Vehicles Pvt. Ltd. as a wholly-owned subsidiary last year.