CHENNAI: TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has signed definitive documents on 6th May 2024 with South Asia Growth Invest III LLC and South Asia EBT Trust III to raise a capital of about Rs 580 cr in the form of equity and compulsorily convertible preference shares.

As announced earlier, TICMPL planned to raise capital to the tune of Rs 3,000 cr to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment from GEF, the overall fund raising would aggregate to Rs 2,530 cr. ICMPL is focused on creating EV native commercial vehicle platforms across 3-wheelers, tractors, small and heavy commercial vehicles.