TI Clean Mobility (TICMPL), has announced that it will raise approximately ₹310 crore from private equity firm M&G Investments. The fundraising will be facilitated through the issuance of Equity and Compulsorily Convertible Preference Shares (CCPS).
TICMPL, a subsidiary of the Murugappa Group’s electric vehicle arm, Tube Investments of India (TII), is embarking on a significant capital-raising initiative to support its various electric vehicle verticals. The company aims to raise a total of ₹3,000 crore to fuel its expansion plans. With the proposed investment from M&G, TICMPL’s overall fundraising efforts will aggregate to ₹2,840 crore.
The funds will be utilized to bolster TICMPL’s development of EV-native commercial vehicle platforms, including three-wheelers, tractors, and both small and heavy commercial vehicles. Currently a leader in the passenger three-wheeler electric vehicle market in South India, TICMPL is working towards establishing a strong pan-India presence.
Praveg Patil, Head of Asia Pacific Impact and Private Equity at M&G, expressed optimism about the partnership. “M&G Catalyst is pleased to invest in one of India’s fastest growing commercial electric vehicle manufacturers, TI Clean Mobility Private Limited, part of the Murugappa Group. We share the company’s mission to develop an indigenous EV ecosystem by leveraging local manufacturing and technology capabilities. We are excited by the potential of this investment to reduce fossil fuel dependency and decarbonize substantial parts of India’s commercial vehicle fleets,” said Patil.
Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction, ensuring the deal aligns with TICMPL’s strategic vision and financial goals. This strategic investment highlights the growing confidence in India’s burgeoning electric vehicle market and TICMPL’s role in spearheading the transition towards sustainable commercial transportation solutions.
