Tube Investments Of India

TII will acquire 67 per cent, while Premji Invest will acquire the remaining 33 per cent

Tube Investment India's wholly-owned subsidiary TI Clean Mobility (TICM) will raise Rs 3,000 crore by March 2024 to fuel its electric vehicle business, a release said on Saturday. Of this, TII (Tube Investment India) has already invested Rs 639 crore, the company said in a statement. TICM is focused on manufacturing and marketing of electric three-wheelers. It is also into the manufacturing and marketing of e-tractors an electric heavy commercial vehicles through its subsidiaries. "TI Clean Mobility has signed definitive documents with TII, Multiples Private Equity Fund III, State Bank of India along with other co-investors to raise capital up to Rs 1,950 crore in the form of equity and compulsorily converted preferential shares (CCPS). "The total investment by Multiples, SBI and other co-investors would aggregate up to Rs 1,200 crore," it said in the statement. Investment by TII will be to the tune of Rs 750 crore, of which it has already invested Rs 639 crore by way of equity an

CLOSING BELL: Reliance Industries, Wipro, IndusInd Bank, Axis Bank, Tech M, Tata Steel, Maruti Suzuki, and M&M were the top Sensex gainers, rising between 0.5 per cent and 1.2 per cent

The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 crore

On September 06, TI Clean Mobility (TCM), a subsidiary of Tube Investments of India, launched it electric vehicle - Montra Electric 3W Auto in Chennai.

The group is learning from an unsuccessful foray into e-scooters by focusing on electric tractors, three-wheelers and heavy commercial vehicles

The deal would be done through a combination of primary and secondary purchases of shares

The company to buy 65.2 per cent stake in lPL Tech Electric Private Limited a startup engaged in manufacturing and sale of electric heavy commercial vehicles.

Following this, TII will gradually look into the cargo segment, scooters and e-rickshaws

The company's revenue for the quarter was at Rs 1,309 cr as against Rs 976 cr in the corresponding quarter of the previous year

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Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit CG Power and Industrial Solutions

With the largest acquisition in its history, the Murugappa flagship is looking to reduce its dependence on the automobile industry and find new markets

In an interview with Business Standard, Vellayan Subbiah, MD, spoke on how the acquisition fits in the firm's strategy and how it plans to turn around CG Power

The company has agreed to raise Rs 350 crore on a private placement basis via preferential allotment to Azim Premji Trust and two schemes of SBI Mutual Fund (MF)

TII will raise Rs 350 crore from Azim Premji Trust and SBI Mutual fund through preferential issue

The shares will be alloted on a preferential/ private placement basis to non-promoter entities

The shares will be alloted on a preferential/ private placement basis to non-promoter entities

The proposed investment is in addition to Rs 700 crore approved for investment in the equity shares and share warrants of CG Power by TII

A strong partner should help business growth; further gains hinge on pricing, deal completion