TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has signed definitive agreements with M&G Investments (M&G) to raise approximately Rs 310 crore in equity and compulsorily convertible preference shares (CCPS).
This investment brings TICMPL's total fundraising to Rs 2,840 Cr, nearing its goal of Rs 3,000 Cr to fund its electric vehicle verticals. TICMPL is a leader in passenger 3-wheeler electric vehicles in South India and is expanding its presence across India.
The company is developing electric tractors and small commercial vehicles, expected to launch in the coming quarters. TICMPL's Vice Chairman, S. Vellayan, welcomed M&G's investment, stating, "We are committed to delivering EV solutions for commercial mobility and are excited to partner with M&G to create a cleaner future and smarter transportation."
M&G's Head of Asia Pacific Impact and Private Equity, Praveg Patil, added, "We share TICMPL's mission to develop an indigenous EV ecosystem and are excited about the potential to reduce fossil fuel dependency and decarbonize India's commercial vehicle fleets."
Kotak Investment Banking acted as TICMPL's exclusive financial advisor for this transaction.