Multiples PE Invests Rs 1,200 Crore In The EV Division Of Tube Investments

New Delhi
A private equity company called Multiples Alternate Asset Management (Multiples) announced on February 25 that it had invested Rs 1,200 crore in the production of electric three-wheelers by TI Clean Mobility Private Limited (TICMPL), a fully-owned subsidiary of Tube Investments of India Limited, a company that is a member of the Murugappa Group.
The passenger 3-wheeler electric car from TICMPL has already been introduced. Sales of this vehicle are anticipated to pick up throughout the ensuing quarters. Electric tractors and electric heavy commercial vehicles are being developed by the corporation through its subsidiaries. The Multiples investment is a part of TICMPL, which is controlled by Tube Investments, raising Rs 3,000 crore for its electric car endeavor.