Tube Investments of India and TI Clean Mobility Pvt. Ltd. (TICMPL) have finalized a securities subscription agreement with Luxembourg Specialist Investment Fund FCP-RAIF (M&G) and existing investors of TICMPL to secure about ₹310 crore in equity and compulsorily convertible preference shares (CCPS). This funding will bring TICMPL’s total raised funds to ₹2,840 crore, nearing their goal of ₹3,000 crore.
Purpose of the Investment
The newly raised capital will support the expansion of TICMPL and its subsidiaries, as stated by the Murugappa group firm. TICMPL is focused on developing electric vehicle-native commercial platforms, including 3-wheelers, tractors, and small and heavy commercial vehicles. The company leads the passenger 3-wheeler EV market in South India and is working towards establishing a presence nationwide.
Details of the Securities
Under the terms of the agreement, M&G will be issued
- 50 equity shares at ₹20 each, totaling ₹1,000,
- and 3.10 crore CCPS at a face value of ₹100 each, amounting to ₹310 crore.
This strategic investment will bolster TICMPL’s financial resources, enabling it to enhance its product offerings and market reach.
Ongoing and Upcoming Projects
TICMPL, through its subsidiaries, currently sells electric heavy commercial vehicles (HCVs) and is nearing the final stages of developing electric tractors and small commercial vehicles (SCVs), expected to launch soon. These developments are set to enhance TICMPL’s footprint in the electric vehicle market.
Read More: IPLTech RHINO 5536 Electric Truck: Everything you need to know
Strategic Goals and Future Plans
TICMPL’s dedication to creating innovative EV platforms aligns with the global shift towards sustainable transportation. With significant investment support and a clear strategy for product development and market growth, TICMPL aims to achieve substantial progress in the EV sector.
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- Source: https://e-vehicleinfo.com/tube-investments-of-india-secures-%e2%82%b9310-crore-investment-for-ev-expansion/