Tube Investments' EV arm gets Rs 1,200 crore investment from Multiples PE

Multiples Alternate Asset Management (Multiples), a private equity firm, said on February 25 that it has infused Rs 1,200 crore in electric three-wheeler maker TI Clean Mobility Private Limited (TICMPL), a wholly-owned subsidiary of Tube Investments of India Limited, which is a part of the Murugappa Group.

TICMPL has already unveiled its passenger 3-wheeler electric vehicle; sales of which are expected to ramp up over the next few quarters, according to a press release. The company, through its subsidiaries, is driving the design and development of electric tractors and electric Heavy Commercial Vehicles.

The investment from Multiples is a part of the Rs 3,000-crore fundraising efforts by Tube Investments-owned TICMPL for its electric vehicle venture, according to a PTI report.

Renuka Ramnath, Founder, MD & CEO, Multiples, said in the press release: “We are privileged and excited to partner with the Murugappa group in its journey to build India’s leading electric commercial vehicle 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. We are delighted to strengthen our relationship with the Murugappa Group after a successful Chola partnership in 2013.”