Saturday, June 10, 2023

Murugappa Group Launches E-Three Wheeler | Murugappa Group launches e-three wheeler

Digital Desk, Chennai. The Murugappa Group, with a turnover of Rs 54,722 crore, on Tuesday launched its electric three wheeler. The group will introduce electric heavy commercial vehicles next year. A senior official of the group has given this information. The group will also soon launch electric tractors and electric three-wheeled cargo carriers.

Arun Murugappan, executive chairman, Tube Investments, told IANS, “Electric heavy commercial vehicles are being approved. The truck will be launched next year. Similarly, electric tractor is also passing through this phase.

TI Clean Mobility Pvt Ltd, a wholly owned subsidiary of Rs 12,060 crore Tube Investments, is the group’s corporate vehicle in the electric automobile segment. Managing Director Kalyan Kumar Paul said that as an extension of electric three wheelers, TI Clean Mobility will come up with a cargo carrier model this December or next January.

Regarding electric passenger three-wheelers, Paul said the company has a production capacity of 75,000 vehicles and initially the vehicles will be sold in five southern states. Branded as Montra, TI Clean Mobility has three variants of three wheelers – soft top (priced at Rs 3.02 lakh), hard top (Rs 3.10 lakh) and long range (Rs 3.43 lakh).

Murugappan said the initial outlay for the electric three wheeler business is around Rs 200 crore. TI Clean Mobility holds a 70 per cent stake in Hyderabad-based Celestial E-Mobility, which manufactures electric tractors. This stake was bought for Rs 161 crore.

An electric tractor plant is being set up nearby here by Celestial E-Mobility. Similarly, TI Clean Mobility’s foray into electric heavy trucks is through acquisition of majority stake in equity-based IPL Tech Pvt Ltd for Rs 1.28 lakh.

With this, TI Clean Mobility plans to add electric trucks to its existing portfolio of electric three wheelers and tractors. TI Clean Mobility will acquire majority stake in IPLTech for Rs 13 crore revenue by a combination of share purchase from equity shareholders (Rs 96 crore) and fresh infusion of equity (Rs 150 crore).

The acquisition is expected to be completed on or before October 31 this year. According to Paul, there is a synergy between various group companies and electric vehicle company TI Clean Mobility. For example, group company CG Power & Industrial Solutions now manufactures large motors. But in the future, the company can play a bigger role in TI Clean Mobility.

Source: IANS

Disclaimer: This is a news published directly from IANS News Feed. With this, the team of has not done any editing of any kind. In such a situation, any responsibility regarding the related news will be with the news agency itself.

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