Private Equity

PE Fund Investments

Murugappa Group's EV unit to raise Rs.1,200-Cr from Multiples PE, SBI

Press Release  

Chennai-headquartered Tl Clean Mobility Pvt Ltd (TICMPL), a wholly-owned subsidiary of publicly listed Tube investments of India Ltd (TlIL), is to raise INR 1,200 crore from Multiples PE (via Multiples Private Equity Fund lll) and State Bank of India in the form of equity and compulsorily convertible preference shares (CCPS). The target company is focused on the design and development of electric tractors and electric heavy commercial vehicles. It has already unveiled a passenger 3-wheeler electric vehicle.