Murugappa Group’s Tube Investments of India is actively exploring growth opportunities in the clean mobility space. Recently, it formed a new christened TI Clean Mobility (TICMPL) to consolidate and focus on its clean mobility ventures.
The company already has interests in the electric three-wheeler segment and the electric tractor space (operated through its subsidiary Cellestial E-Mobility).
Now, the company has announced it has executed definitive agreements to acquire about 65 per cent equity stake in an electric heavy commercial vehicle company, IPL Tech Electric. The acquisition would be through a combination of primary and secondary purchase of shares for a total consideration of about Rs 246 crore.
Founded in 2019, IPL Tech Electric is claimed to be India’s first company to manufacture electric heavy commercial vehicles. The first offering of IPLTech Electric is ‘Rhino 5536’ is designed to be an all-weather heavy-duty truck.
M A M Arunachalam (Arun Murugappan), Chairman of the Company said, “The acquisition of IPL Tech Electric has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment. We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals”.
At present, IPL Tech has already delivered a couple of electric trucks to Dalmia Bharat as part of the latter’s sustainability goals to reduce carbon emissions. Also interesting to note is the fact that IPLTech has teamed-up with Faradion for sodium-ion batteries for electric commercial vehicles in India.