Murugappa Group owned TI Clean Mobility (TICM) will raise Rs 3,000 crore by March 2024 for its electric vehicle business. TICM which is subsidiary of Tube Investment India has already received investment of 639 crores (INR 6.39 Billion) from its parent company.
TICM in January 2023 acquired the remaining 30.04% shares of Cellestial, a startup company engaged in the design and development of electric tractors. TICM had acquired about 60.96% stakes in Cellestial last year for 161 crores. Hyderabad-based Cellestial is a startup which is into design and manufacture of electric tractors, aviation ground support electric equipment and other electric machinery.
TICM had launched passenger e-three wheelers under brand name Montra in September 2022. Recently, TICM launched its electric three-wheelers.
TICM, was formed in February 2022, to build electric three-wheeler and other EV-related projects. The parent company had committed investment of over Rs 350 crore in TICM for clean mobility.