TI Clean Mobility Raises Rs 310 Crore from M&G Investments

06 Jun 2024 CW Team

TI Clean Mobility Pvt Ltd, a subsidiary of Tube Investments of India Ltd, has signed definitive agreements with M&G Investments to raise capital amounting to Rs 310 crore. This investment will bring the total funds raised by TI Clean Mobility, a part of the diversified conglomerate Murugappa Group, to Rs 2,840 crore.

The company had planned to raise a capital of Rs 3,000 crore to support its various electric vehicle business verticals. The latest round of funding, announced on Wednesday, involves equity and compulsorily convertible preference shares, as confirmed by the agreements signed on June 5.

We are happy to announce the participation of M&G in providing an impetus to our commitment to delivering EV solutions for commercial mobility. Together, we stride towards a cleaner future and smarter transportation, said S. Vellayan, Vice Chairman of TI Clean Mobility Pvt Ltd.

TI Clean Mobility offers a range of heavy commercial vehicles and is in the advanced stages of developing electric tractors and electric small commercial vehicles.

Praveg Patil, Head of Asia Pacific at M&G, expressed enthusiasm about the investment, stating, M&G is pleased to invest in one of India's fastest-growing commercial electric vehicle manufacturers, TI Clean Mobility, part of the Murugappa Group. We are excited by the potential of this investment to reduce fossil fuel dependency and decarbonize substantial parts of India's commercial vehicle fleets.

Kotak Investment Banking served as the exclusive financial advisor for this transaction.

Technology

29 Jul 2026

AI-Enabled Workflows Lift Profitability and Productivity

Organisations modernising frontline workflows with artificial intelligence, automation and real-time data are reporting stronger financial performance, higher productivity and improved employee engagement, according to a global study by Zebra Technologies and Oxford Economics.The research covered 1,000 senior leaders across retail, manufacturing, transportation and logistics in the US, Mexico, the UK, Germany, India, Japan, Australia and New Zealand.In transportation and logistics, 54 per cent of companies that improved picking and packing operations reported faster operational performance, wh..

India Leads Global AI Readiness but Implementation Lags

Indian companies lead global averages across all eight artificial intelligence readiness indicators tracked by JLL, but only 19 per cent have started making changes to their workplaces, according to the JLL 2026 Future of Work Survey.The study found that 77 per cent of Indian business leaders expect AI to change their office requirements, creating a 58-percentage-point gap between awareness and implementation. The survey covered more than 2,200 CEOs, CFOs and real estate leaders across 21 countries during the first quarter of 2026.Despite concerns over automation, 58 per cent of Indian leaders..

Three WOLFF Cranes Build Riyadh Cable-Stayed Bridges

Three WOLFF 180 B luffing jib cranes are supporting the construction of two cable-stayed bridges alongside the existing Wadi Laban Bridge in Riyadh, Saudi Arabia. The project is being developed for the Royal Commission for Riyadh City and executed by the ICRC joint venture comprising IC Ictas and Al Rashid Trading & Contracting Company.The cranes are handling lifting operations including formwork, reinforcement, concrete placement, work platforms, surveying equipment and other construction materials. Each crane is fitted with a 40 m jib, reaches a hook height of 157 m and offers a maximum ..