Murugappa’s TI Clean Mobility to raise Rs 1,050 crore

CHENNAI: Murugappa group’s electric vehicle (EV) arm TI Clean Mobility Private Limited (TICMPL) will roll out 55-tonne truck at its Manesar facility in Haryana and electric tractors out of its plant here, said top officials of parent company Tube Investments of India Ltd.

“While our Montra Electric brand of E 3-wheelers for the passenger segment have already been launched in the market to a positive response from the users, the facilities for manufacturing E tractors for the agriculture segment and E trucks for the commercial segment are being built at the Apex Park in Chennai and Manesar in Haryana,” said M.A.M. Arunachalam, Executive Chairman, Tube Investments of India Ltd.

According to Tube Investments Managing Director Mukesh Ahuja, in the tractors segment, TICMPL plans to introduce three different variants in four wheel drives for different segments during FY23-24.

Ahuja said in the electric medium and heavy commercial vehicles segment, the decision is to roll out 55-tonne truck covering short haulage operations for the iron & steel, cement and construction industries.

A separate distribution network to cater to the EV platforms will be created, Ahuja said.

Arunachalam said that TICMPL plans to raise Rs 1,050 crore taking the total fund aggregate to Rs 3,000 crore.

The company has entered into agreements with Multiple Alternate Asset Management Private Limited (Multiples) and other co-investors to raise funds up to Rs 1,200 crore in the form of Compulsorily Convertible Preference Shares (CCPS), Arunachalam said.

The parent company Tube Investments has infused a capital of Rs 250 crore through equity and an additional investment of Rs 500 crore will be made through CCPS. The total investment by Tube Investments, Multiples and co-investors would aggregate to Rs 1,950 crore, Arunachalam added.