Murugappa Group's EV arm TI Clean Mobility to raise Rs 3,000 crore

TCM has already unveiled its passenger three-wheeler electric vehicle, the sales of which are expected to grow over the next few quarters

TI Clean Mobility (TCM), a subsidiary of Tube Investments of India (TII), a Murugappa Group company, has signed definitive documents with TII, Multiples Private Equity Fund III (Multiples), State Bank of India (SBI) along with  other co-investors to raise up to Rs 1950 crore in the form of equity and compulsorily convertible preference shares.

The total investment by Multiples, SBI and other co-investors would aggregate up to Rs 1200 crore. TII’s total investment would be Rs 750 crore, of which TII has already invested Rs 639 crore by way of equity and ICD.  Further, TCM plans to raise an additional Rs