TI Clean Mobility to acquire 65% in IPL Tech Electric for Rs 246 cr

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

Murugappa Group’s Tube Investments of India has, through its subsidiary TI Clean Mobility (TCM), entered into an agreement with electric heavy commercial vehicle company, IPL Tech Electric (IPLT) to acquire 65 per cent stake in that company for Rs 246 crore.

The company said in a statement on Tuesday that the acquisition would be through a combination of primary and secondary purchases of shares. “The acquisition of IPL Tech Electric Private Limited 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