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TI Clean Mobility, a wholly owned subsidiary of Tube Investments of India, has signed definitive documents with TII, Multiples Private Equity Fund III (Multiples), State Bank of India (SBI) along with other Co-investors to raise capital up to Rs. 1950 crore in the form of equity and CCPS.
The total investment by Multiples, SBI and other Co-investors would aggregate up to Rs.1200 crore. TII's total investment would be Rs.750 crore, of which TII has already invested Rs.639 crore by way of equity and ICD. Further, TICMPL plans to raise additional funding of Rs.1,050 crore by the end of March 2024, thereby taking the total fund raise
to Rs.3,000 crore.
TICMPL has already unveiled its passenger 3-wheeler electric vehicle; sales of which are expected to ramp up over the next few quarters. The company, through its subsidiaries, is driving the design and development of electric tractors and electric Heavy Commercial Vehicles.
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