TI Clean Mobility signs definitive documents for second round of investment for its EV Platform , To Raise Additional Rs 675 Cr Capital
TI Clean Mobility Private Limited (“TICMPL”), a Subsidiary of Tube Investments of India Limited (“TII”), has signed definitive agreements on 5th May 2023 to raise further capital of Rs. 675 Cr. by way of CCPS.
Multiples along with other co-investors would be investing an aggregate amount of Rs. 600 Cr, while TII would be investing Rs. 75 Cr
Note ; TICMPL announced a capital infusion plan of Rs. 1950 Cr. in Feb 2023 and has signed agreements to raise capital of up to Rs. 1275 Cr. So far, Rs. 817 Cr has been infused, and with the execution of agreements for the remaining Rs. 675 Cr, the entire capital infusion plan has been tied up.
CO. Says TICMPL has already unveiled its passenger electric 3-wheeler and has started deliveries to dealerships across south India.
TICMPL’s subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana.
