Murugappa Group To Foray Into E-SCV, Plans To Invest INR 3,000 Crore On Evs Once launched, the vehicle is expected to bring about a significant change in India's mid-mile and last-mile mobility sectors, due to its cutting edge technology, distinctive design, strong performance, and durable build quality.
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With its subsidiary firm Tivolt Electric Vehicles, Chennai-based Murugappa Group is set to foray into electric small commercial vehicle (e-SCV) business. Tivolt Electric Vehicles is a subsidiary of the group's TI Clean Mobility (TICMPL) that is planning to launch their e-SCV in the next few months.
The group is planning to invest around INR 3000 crore in electric vehicles through TI Clean Mobility. The announcement comes days after TI Clean Mobility signed a definitive agreement to raise INR 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 INR 2,530 crore.
"India is poised to lead the global adoption of electric vehicles, second only to China. TICMPL is making impressive strides in the electric vehicle sector with a substantial commitment of three thousand crores. Currently, we are developing four platforms, including the successful MHCV truck and EV three-wheeler already in the market," said Vellayan Subbiah, Executive Vice Chairman of Tube Investments of India(TII).
Once launched, the vehicle is expected to bring about a significant change in India's mid-mile and last-mile mobility sectors, due to its cutting edge technology, distinctive design, strong performance, and durable build quality, the company said in a statement on Monday.
The development of the e- SCV will be a culmination of extensive research and rigorous testing, the company added. Founded in February 2022 as a subsidiary of Tube Investments of India (TI), TICMPL has dedicated itself to clean mobility solutions. With the inclusion of e-SCVs as its fourth EV platform, TICMPL is now positioned to offer complete mobility solutions to enterprises and logistics companies, serving their needs across intercity, intracity, and last-mile applications.
"What excites me the most is our upcoming Small Commercial Vehicle (SCV) platform. SCV represents the largest category in the commercial vehicle segment, making our entry into this arena particularly thrilling. This segment is primed to adopt EVs swiftly, supported by policies, government initiatives, and increasing adoption rates. Our dedication to becoming the foremost player in this segment in India is unwavering. The TIVOLT e-SCV is poised to be a standout product, a definite winner in the market," Subbiah added.
"Montra Electric represents our commitment to enhancing life through eco-friendly mobility solutions, ushering in a new era of growth and innovation for us. The electric vehicle industry is experiencing an exciting phase of development, not only in India but globally as well. We have dedicated our top resources and time to develop this product, and we are looking forward to the customer response upon its launch in the coming months. At Montra Electric, our goal is to offer products and solutions that are beneficial for both our customers and our business, ensuring practicality and sustainability," he said.
