Multiples Alternate Asset Management (Multiples), a private equity firm, has invested Rs 1,200 crore in TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited. This investment is part of TICMPL's fundraising efforts of Rs 3,000 crore for its electric vehicle venture.
According to a press release by TICMPL, the company has already unveiled its passenger three-wheeler electric vehicle, and sales are expected to ramp up over the next few quarters. TICMPL, through its subsidiaries, is also driving the design and development of electric tractors and electric Heavy Commercial Vehicles.
Renuka Ramnath, Founder, MD & CEO, of Multiples, expressed her excitement about partnering with the Murugappa group in its journey to build India's leading electric commercial vehicle OEM. She believes that TICMPL, under the leadership of Arun Murugappan and S. Vellayan, will build a strong brand with a differentiated customer proposition. Ramnath added that the investment is in line with Multiples' strategy of identifying big shifts and investing with category champions.
TICMPL Chairman Arun Murugappan said that the confidence reposed by esteemed investors such as Multiples and its co-investors will give TICMPL the necessary impetus to fulfill its ambition by scaling its operations through organic and inorganic means.
The electric vehicle market in India is growing rapidly, with the government pushing for electric mobility as part of its efforts to reduce carbon emissions. The investment by Multiples in TICMPL is a clear indication of the potential in this sector and the confidence of investors in the company's ability to capitalize on it.
With TICMPL's strong focus on research and development and the support of investors like Multiples, the company is well-positioned to emerge as a key player in India's electric vehicle market. Its commitment to sustainability and innovation will not only benefit the environment but also create new opportunities for growth and employment in the country.
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