ETAuto earlier reported, TICMPL planned to raise capital to the tune of INR 3,000 crore to fund its multiple verticals of electric vehicles. Upon closing of the proposed investment, the overall fundraising would aggregate to INR 2,840 crore, the company said in its exchange filings.
The proposed fund raising by TICMPL will help scale up the operations of TICMPL and its subsidiaries, the company added.
TICMPL which manufactures commercial vehicle platforms, 3- wheelers, tractors, small and heavy commercial vehicles is currently planning to build a pan-India presence.
S Vellayan, Vice Chairman, TICMPL, said, “We are happy to announce participation of M&G in providing an impetus to our commitment in delivering EV solutions for commercial mobility. Together, we stride towards a cleaner future and smarter transportation”
Praveg Patil, Head of Asia Pacific Impact and Private Equity at M&G, said, " M&G Catalyst is pleased to invest in one of India’s fastest growing commercial electric vehicle manufacturer, TI Clean Mobility Private Limited, part of the Murugappa Group. We share the company's mission to develop an indigenous EV eco-system by leveraging local manufacturing and technology capabilities. We are excited by the potential of this investment to reduce fossil fuel dependency and decarbonise substantial parts of India's commercial vehicle fleets. "
Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.
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