Electric Vehicle Murugappa Group TI Clean Mobility Private Private Ltd has signed an agreement to acquire 62.5 percent of shares in IPLTech Private Ltd.
With this, clean mobility plans to add electrical trucks to the wheel portfolio and electrical tractors and existing electrical tractors.
TI CLEAN MOBIRIITY – A subsidiary that is fully owned by Multi -Products – Products Tube Investments of India Ltd – will get a majority bet on the income of RS 13 Crore IPLTech with a combination of purchases of shares from equity shareholders (RS 96 Crore) and new infusion from equity (RS 150 crore).
Tube investment will instill additional RS 150 Crore as equity in clean mobility and also provide RS 100 Crore as a deposit between companies.
Meanwhile, clean mobility will soon launch its electricity three -wheeled – passengers and good carriers -and then, the electric tractor.
The three-wheeled will be in the premium segment and will be launched at the end of August or in September this year. Vehicles are launched from the tube investments’ factory here,” said Chairman of the Executive Tube Investments Arun Murugappan recently.
According to him, the company will launch three models in the three -wheeled segment under the MONTRA brand.
Regarding the distribution network, Murugappan said the company had the presence in 40 locations and the number would reach 100 at the end of this year.
He said the initial production capacity of three wheels would be 75,000 per year and would increase based on demand.
Murugappan also said that the initial expenditure for the electricity business was around RS 200 Crore and there were no plans to access funds from outside at this time.
According to him, the electric tractor factory is also being established nearby by the selessed e-mobility group company while refusing to share additional details about investment and production capacity.
TI Clean Mobility has 70 percent of shares in the selessed e-mobility based in Hyderabad. The electric tractor was launched at a factory near Bengaluru.
70 percent of shares were acquired with RS 161 Crore and there will be further investment, Murugappan added.
He refused to answer when asking if the mobility of the mobility will be combined with clean mobility.
Murugappan said there was a synergy between various group companies and Clean Mobility Electric Vehicle companies. He said the CG Power and Industrial Solutions group company made a large motorcycle now.
The last fiscal, various Murugappa Group group companies with fertilizer interest, engineering products, abrasive, financial services acquired several companies inside and outside India.
