Chennai, 13 May Chennai-based Murugappa Group is set to make a foray into electric small commercial vehicle (eSCV) business.
Tivolt Electric Vehicles, a subsidiary of the group's TI Clean Mobility (TICMPL), plans to launch their eSCV in the next few months. The group is in the process of investing around 3,000 crore in electric vehicles through TI Clean Mobility.
This comes days after TI Clean Mobility signed a definitive agreement to raise ₹580 crore from private equity firm Capital GEF Partners LLC. After closing of the proposed investment from GEF, the overall fund raising would aggregate to ₹2,530 crore.
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