Multiples Alternate Asset Management (Multiples), a private equity platform, with its co-investors, has announced an investment of upto ₹1,200 crore in TI Clean Mobility Private Limited (TICMPL), a Murugappa group company. 

TICMPL, a wholly owned subsidiary of Tube Investments of India Limited (TII), has already unveiled its passenger three-wheeler electric vehicle; sales of which are expected to ramp up over the next few quarters. 

The company, through its subsidiaries, is driving the design and development of electric tractors and electric Heavy Commercial Vehicles.

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Speaking on this investment, Renuka Ramnath, Founder, MD & CEO, Multiples Alternate Asset Management said, “We are privileged and excited to partner with the Murugappa group in its journey to build India’s leading electric commercial vehicle OEM. In line with our strategy of identifying big shifts and investing with category champions, we believe that TICMPL under the leadership of Arun Murugappan and S. Vellayan will build a strong brand with a differentiated customer proposition. We are delighted to strengthen our relationship with the Murugappa Group after a successful Chola partnership in 2013.” 

M.A.M Arunachalam (known as Arun Murugappan), Chairman, TII and TICMPL said, “TICMPL is focused on the productive segment of electric vehicle industry viz., three-wheelers, Tractors and Heavy Commercial Vehicles. The confidence reposed by esteemed Investors such as Multiples and SBI will give TICMPL the necessary impetus to fulfill our ambition by scaling our operations through organic and inorganic means.”

S. Vellayan, Vice Chairman, TII and TICMPL added Our trusted relationship with Multiples dates back to over a decade and I am delighted about our entrepreneurial partnership for the EV business. Murugappa group’s decades of experience across auto components, vehicle financing, agri-led businesses and motors gives us the unique ability to build a large EV native OEM.