PE Fund Investments
Murugappa Group to acquire majority stake in electric truck maker IPL Tech for Rs.246-Cr
TI Clean Mobility Private Ltd (TICMPL), the clean mobility arm of publicly listed Murugappa Group firm Tube Investments of India, has picked up a 65.2% stake in Gurugram-headquartered IPL Tech Electric Private Ltd, a three-year-old electric heavy commercial vehicle startup, for INR 246 crore. The deal is executed through a combination of primary infusion (of INR 150 crore) and secondary purchase (worth INR 96 crore) of shares. Tube Investments will also make a further investment of INR 150 crore in the equity share capital of TICMPL and provide an lnter Corporate Deposit of INR 100 crore. IPL Tech Electric is claimed to be the first Indian company to manufacture electric heavy commercial vehicles. With a range of 185 km, its first electric truck Rhino 5536 was launched in 2019 and has been designed to run-on all-weather condition roads. In FY22, the target company posted revenue of INR 13 crore (vs INR 23 crore in FY21). Members of the Murugappa Group promoter family own a 9.4% stake in IPL Tech. TICMPL is in the process of launching its electric three-wheeler. It has also forayed into the electric tractor segment through the acquisition of a majority stake in Cellestial E-Mobility, a manufacturer of electric tractors, in January.
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