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Murugappa Group to invest Rs 3,000 cr in EVs, enters e-SCV segment
The Business Guardian
|May 14, 2024
The The Murugappa Group, headquartered in Chennai, is preparing to enter the electric small commercial vehicle (e-SCV) market.
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Tivolt Electric Vehicles, a subsidiary of the group's TI Clean Mobility (TICMPL), aims to introduce their e-SCV within the coming months. The group is currently earmarking approximately Rs 3,000 crore for investments in electric vehicles through TI Clean Mobility.
This comes days after TI Clean Mobility signed a definitive agreement to raise Rs 580 crore from private equity firm GEF Capital Partners LLC. After closing of the proposed investment from GEF, the overall fund raising would aggregate to Rs 2,530 crore. "India is poised to lead the global adoption of electric vehicles, second only to China.
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