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TI Clean Mobility plans higher capex in FY25

Friday, 09 Feb 2024
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The EV arm of Murugappa Group’s engineering firm Tube Investments of India (TII) has spent a capex of about Rs 300 crore so far in the current financial year and it plans to incur a capex of about Rs 460 crore during the next FY for all businesses under TICMPL.

TICMPL has planned to enter four product segments — e-three-wheelers, e-tractors, electric medium and commercial vehicles (through its subsidiary IPLTech Electric), and electric small trucks (through its subsidiary TIVolt Electric Vehicles). It has already entered the electric 3W auto segment with the introduction of electric autorickshaw Montra in Tamil Nadu, Andhra Pradesh,and is now looking to expand to the northern and eastern regions with the dealer network expansion. 

The company is strengthening its R&D to establish a stronger EV supply chain, and will have two teams, wherein one will be working on product development and vehicle integration, and the other team will focus on developing next-generation EV component architecture. While EV components such as motors, motor control units, and battery management systems are being sourced from third parties, it company aims to develop motors and motor control units in-house in the future. 

TII has already infused Rs 250 crore as equity into TICMPL and Rs 500 crore as compulsorily convertible preference shares (CCPS). TICMPL has also mobilised about Rs 1,200 crore through private equity investors. Overall, the EV arm has raised funds to the tune of Rs 1,950 crore so far.

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