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.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..