TI Clean Mobility signs definitive documents for second round of investment for its EV platform
CHENNAI: Murugappa group company TI Clean Mobility, a subsidiary of Tube Investments of India (TII), has signed definitive agreements to raise further capital of Rs 675 crore by way of CCPS (compulsory convertible preference shares). Multiples along with other co-investors would be investing an aggregate amount of Rs 600 crore while TII would be investing Rs 75 crore, the company said in a statement. In February this year, TI Clean Mobility announced a capital infusion plan of Rs 1,950 crore and signed definitive agreements with Multiples, State Bank of India and TII to raise capital up to Rs 1,275 crore of which Rs 817 crore has already been infused in the form of equity and CCPS. With the execution of definitive agreements for the balance Rs 675 crore the capital infusion plan for Rs 1,950 crore has been fully tied up, said the statement.TI Clean Mobility has already unveiled its passenger electric three-wheeler and has started deliveries to dealerships across south India. Its subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana.
Saturday, May 6, 2023 at 8:21 am