Tube Investments of India Limited announced it has formed a 100% subsidiary viz. TI Clean Mobility Private Limited (‘TICMPL’) to consolidate and focus on its clean mobility ventures.
TICMPL has existing interests in 3-wheeler electric vehicle and electric tractors (operated through its subsidiary Cellestial E-Mobility Private Limited).
ln line with its vision to pursue clean mobility, TICMPL has executed definitive agreements to acquire about 65% equity stake in an electric heavy commercial vehicle company, IPLTech Electric Private Limited (IPLT). The acquisition would be through a combination of primary and secondary purchase of shares for a total consideration of about Rs. 246 Cr. IPL Tech Electric Private Limited, a start-up formed in 2019, is India’s first company to manufacture electric heavy commercial vehicles. The first offering of IPLT is “RHINO 5536′ designed to run-on all-weather condition roads, the statement said.
Commenting on the acquisition, M.A.M Arunachalam (known as Arun Murugappan), Chairman of the Company said, “The acquisition of IPLTech Electric Private Limited has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment. We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals”
