Multiples PE invests Rs 1200 cr in Murugappa group company

Multiples Alternate Asset Management with its co-investors invested Rs 1200 crore in TI Clean Mobility Private Limited, a Murugappa group company, said a company release.

TICMPL, a wholly owned subsidiary of Tube Investments of India Limited (TII) has already unveiled its passenger 3-wheeler electric vehicle. The company, through its subsidiaries, is driving the design and development of electric tractors and electric Heavy Commercial Vehicles.

M.A.M Arunachalam, Chairman, TII and TICMPL said, “TICMPL is focused on the productive segment of electric vehicle industry viz., 3 Wheelers, Tractors and Heavy Commercial Vehicles.

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."