Tube Investments of India Ltd. (TII) 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).
Acquisition of majority stake in IPL Tech Electric 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 India’s first company 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, Mr. M.A.M. Arunachalam (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”.