Investing Rs 1,200 crore in EV three-wheeler, see huge impending shift in EV space: Renuka Ramnath

Multiples is playing the EV space through the commercial EV segment, said Renuka Ramnath, Founder, MD and CEO of Multiples (Image Source: Multiples)

Multiples Alternate Asset Management has announced a Rs 1,200 crore infusion in electric three-wheeler maker TI Clean Mobility (TICMPL), a wholly-owned subsidiary of Murugappa Group’s Tube Investments.

The total fundraising in TI Clean Mobility is Rs 3,000 crore of which Multiples and its partners will push in Rs 1,200 crore, another Rs 1,000-plus crore will be raised from other investors, and TI will themselves be infusing Rs 750 crore.

“We are privileged and excited to partner with the Murugappa group in its journey to build India’s leading electric commercial vehicle original equipment manufacturer (OEM). In line with our strategy of identifying big shifts and investing with category champions, we believe that TICMPL under the leadership of Arun Murugappan and S Vellayan will build a strong brand with a differentiated customer proposition,” said Renuka Ramnath, Founder, MD and CEO of Multiples.

Speaking to CNBC-TV18 on February 27, Ramnath said the rationale for the move “is in line with the company’s focus on the environment-conscious sector and emerging sectors” and further noted that they see a “huge impending shift” in the EV space.

TICMPL is an electric vehicle (EV) maker that undertakes design and development of electric three-wheelers, electric tractors and electric heavy commercial vehicles.

“We see a huge impending shift in the EV business which is at an inflection point. Through its TI Clean Mobility investment PE firm Multiples is playing the space through the commercial EV segment,” she noted.

Watch the full interview with Renuka Ramnath here

#OnCNBCTV18 | We see a huge impending shift in the #ElectricVehicle space, says Renuka Ramnath, Founder, MD & CEO of Multiples Alternate Asset Management. Tells @PoddarNisha that Tube Investment is a reputed group with strengths in #manufacturing. pic.twitter.com/BYkilO85p0

— CNBC-TV18 (@CNBCTV18News) February 27, 2023