TI Clean Mobility Raises Rs 310 Crore to Accelerate EV Initiatives
TI Clean Mobility Pvt Ltd, a subsidiary of Tube Investments of India Ltd, has secured Rs 310 crore from M&G Investments. This funding is part of a larger Rs 3,000 crore plan to boost its electric vehicles verticals. The move aims to advance India's commercial EV sector, reducing fossil fuel dependency.
- Country:
- India
TI Clean Mobility Pvt Ltd, a subsidiary of Tube Investments of India Ltd, has secured Rs 310 crore funding from M&G Investments, marking a significant milestone in its journey to elevate India's commercial electric vehicle landscape.
With this investment, the overall capital raised by TI Clean Mobility, part of the Murugappa Group, aggregates to Rs 2,840 crore out of the planned Rs 3,000 crore target.
The funds will support various verticals in their electric vehicles businesses, including the development of electric tractors and small commercial vehicles. The company aims to provide smarter, cleaner transportation solutions.
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