Tube Investments of India Ltd. has been actively exploring growth opportunities in clean mobility. The company formed a 100% subsidiary, viz., TI Clean Mobility Private Ltd. (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 Ltd).
In 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, IPL Tech Electric Private Ltd. (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 Ltd., a start-up formed in 2019, is one of India’s first companies to manufacture electric heavy commercial vehicles. The first offering of IPLTech Electric is “RHINO 5536” designed to run-on all-weather condition roads.
Commenting on the acquisition, M.A.M. Arunachalam, popularly known as Arun Murugappan, Chairman of the company, said: “The acquisition of IPL Tech Electric Private Ltd. 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”.