TI Clean Mobility Gets Rs 580 Crore To Expand Green Solutions

TI Clean Mobility Gets Rs 580 Crore To Expand Green Solutions

Tube Investments of India Limited subsidiary TI Clean Mobility Private Limited has signed final agreements with South Asia Growth Invest III LLC and South Asia EBT Trust III to raise Rs 580 crore in the form of Equity and Compulsorily Convertible Preference Shares.

According to a statement by TI Clean Mobility, TICMPL, expected to raise Rs 3,000 crore to fund its various electric vehicle segments. The projected GEF investment would bring the total capital mobilization to Rs 2,530 crore. Kotak Investment Banking was TICMPL’s financial advisor for this transaction.

Sridhar Narayan, Co-founder and Managing Partner of GEF Capital Partners LLC, stated, “We’re excited to collaborate with the Murugappa Group and invest in TI Clean Mobility, a differentiated platform targeting productive sub-segments with a strong focus on electrification. Led by industry veteran S. Vellayan and supported by a talented team, they’ve demonstrated early success with their innovative go-to-market strategy.

S Vellayan, Executive Vice Chairman of TI Clean Mobility, remarked on the aforementioned funding, saying, “GEF is renowned for their commitment to environmental stewardship, and their investment in TICMPL validates our vision and strengthens our resolve to provide cleaner commercial mobility solutions.”

TI Clean Mobility sells electric Heavy Commercial Vehicles both directly and through its subsidiaries, and it is in the process of manufacturing electric tractors and electric Small Commercial Vehicles, which are planned to be released in the future quarters.

TI Clean Mobility is working on developing EV-native commercial vehicle platforms for three-wheelers, tractors, and small and heavy commercial vehicles. It is a market leader in passenger electric three-wheeler vehicles in South India, and it is currently expanding its presence throughout India.