TI Clean Mobility Pvt Ltd., engaged in the manufacture and marketing of electric three-wheelers, has picked up majority stake in IPL Technology Electric Pvt Ltd at an outlay of about Rs 246 crore, the company said on Tuesday.
TI Clean Mobility is a wholly-owned subsidiary of Tube Investments of India, part of the city-based diversified conglomerate Murugappa Group.
"In line with its vision to pursue clean mobility, TICMPL has executed definitive agreements to acquire about 65 per cent equity stake in an electric heavy commercial vehicle company, IPL Tech Electric Pvt Ltd,” a company statement said here.
The acquisition would be through a combination of primary and secondary purchase of shares for a total consideration of about Rs 246 crore, it said.
"The acquisition of IPL Tech Electric Pvt Ltd has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment,” company chairman Arun Murugappan said.
"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,” he said.
IPL Tech Electric Pvt Ltd was set up in 2019 to manufacture electric heavy commercial vehicles. The first product of the company RHINO 5536 has been designed to run on all-weather condition roads, the company statement said.
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