Chennai, Jun 5 (PTI) TI Clean Mobility Pvt Ltd, a subsidiary of Tube Investments of India Ltd, has signed definitive agreements with M&G Investments to raise a capital of Rs 310 crore.

With the proposed investment, the overall fund raising by TI Clean Mobility Pvt Ltd, part of diversified conglomerate Murugappa Group would aggregate to Rs 2,840 crore.

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TI Clean Mobility Pvt Ltd planned to raise a capital of Rs 3,000 crore to fund its multiple verticals of electric vehicles businesses.

In a statement on Wednesday, TI Clean Mobility said it has signed definitive documents on June 5 with M&G Investments to raise Rs 310 crore in the form of Equity and Compulsorily Convertible Preference Shares.

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

TI Clean Mobility sells a range of heavy commercial vehicles and are in advanced stages of developing electric tractors and electric small commercial vehicles.

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

TI Clean Mobility said Kotak Investment Banking was the exclusive financial advisor for the transaction.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)