Murugappa Group’s engineering division, Tube Investments of India Ltd (TII), has reaffirmed its ambition to generate $1 billion in revenue from its electric vehicle (EV) sector by 2029. Despite the evolving market landscape, the group remains committed to expanding its EV business.
TI Clean Mobility, the EV arm, plans to focus on increasing market share and boosting production volumes in the short term. The company aims to break even operationally on its two existing EV models by the next financial year. To support this growth, TII has allocated ₹300 crore in capital expenditure across all EV segments for FY26.
Vellayan Subbiah, Executive Vice Chairman of TII, expressed confidence during the company’s Q3FY25 earnings call, stating, “Our goal of reaching $1 billion in revenue and profitability by 2029 is intact. I believe in our strategy and am confident that we will meet this target.”
Subbiah noted that the EV market is still in its nascent stages, with TI Clean Mobility strategically positioned to capture emerging opportunities. The company currently holds a unique position in the electric heavy truck segment, where it is the sole player in the market, a lead it expects to maintain for at least another year.
The shift toward electric vehicles in the three-wheeler segment is accelerating, according to Subbiah. While the market is traditionally led by a few key players, he believes TI Clean Mobility can overcome dealership and distribution challenges to secure a significant market share. The company aims to meet part of this target in the coming financial year, with further growth anticipated in subsequent years.
In Q3, the company’s electric three-wheeler business maintained the same sales volumes as the previous quarter, while the overall industry volume grew by over 19%, driven by festive demand in North and West India. However, TI Clean Mobility’s stronger presence in the South led to a discrepancy in growth compared to the broader market.
Looking ahead, the company will launch its new electric small commercial vehicle and electric cargo three-wheeler in the market this quarter, with full commercial sales set to begin in April 2025. Subbiah expects significant growth in the electric three-wheeler market, including both passenger and cargo vehicles, as the shift to electric mobility continues to gain momentum.
The Murugappa Group, a 124-year-old conglomerate, commands a revenue of ₹77,881 crore (₹778 billion) and has a significant presence across India and globally. With a diverse portfolio spanning agriculture, engineering, financial services, and more, the Group continues to uphold its legacy of excellence and innovation.
The Group boasts nine listed companies, including Carborundum Universal Limited, CG Power & Industrial Solutions Limited, Cholamandalam Financial Holdings Limited, Cholamandalam Investment & Finance Company Limited, Coromandel International Limited, EID Parry (India) Limited, Shanthi Gears Limited, Tube Investments of India Limited, and Wendt India Limited. Other key companies include Cholamandalam MS General Insurance Company Limited and Parry Agro Industries Limited. Its portfolio of brands, such as Ajax, Hercules, BSA, Montra, Montra Electric, Mach City, Chola, Chola MS, CG Power, Shanthi Gears, CUMI, Gromor, Paramfos, and Parry’s, exemplifies its market leadership across sectors.
The Group’s business interests encompass abrasives, technical ceramics, electro minerals, electric vehicles, auto components, fans, transformers, railway signalling equipment, bicycles, fertilizers, sugar, tea, and more. Operating under the guiding principles of integrity, passion, quality, respect, and responsibility, the Murugappa Group continues to shape industries and create value for its stakeholders.
