Tl Clean Mobility Pvt. Ltd. (TICMPL) said it has incorporated a wholly owned subsidiary called Tivolt Electric Vehicles Pvt. Ltd. to broaden its product and business portfolio in the productive end of electric vehicles.
The new subsidiary would enable TICMPL to make small electric commercial vehicles (e-SCV), according to company sources.
TICMPL was incorporated as a subsidiary of Tube Investments of India (TI) in February 2022 to focus on clean mobility solutions. With the addition of e-SCVs as its fourth EV Platform, TICMPL would be in a position to offer end-to-end mobility solutions to enterprises and logistic companies across intercity, intracity and last-mile applications, chairman M.A.M. Arunachalam said recently.
On July 3, TICMPL entered into an agreement with the managing director of Jayem Automotives Pvt. Ltd. to float the subsidiary, in which the Murugappa group would hold 80%.
TICMPL would be investing ₹160 crore and Jayem Auto MD Jayachandran Anand ₹40 crore in the new company.
