TI Clean Mobility to raise Rs 310 cr from M&G

CHENNAI: TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has signed definitive documents on Wednesday with M & G Investments (M&G) to raise a capital of about Rs 310 cr via equity and compulsorily convertible preference shares (CCPS).

With this investment, the overall capital raised by TI Clean Mobility, part of the Murugappa Group, aggregates to Rs 2,840 crore out of the planned Rs 3,000 crore target.

TICMPL, directly or through its subsidiaries, sells electric heavy commercial vehicles and are in advanced stages of developing electric tractors and electric small commercial vehicles which are expected to be launched in the coming quarters.

S Vellayan, vice chairman, TICMPL, said “We are happy to announce participation of M&G in providing an impetus to our commitment in delivering EV solutions for commercial mobility. Together, we stride towards a cleaner future and smarter transportation”Praveg Patil, head of Asia Pacific Impact and Private Equity, M&G said “We share the company’s mission to develop an indigenous EV eco-system by leveraging local manufacturing and technology capabilities.” Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.