TI Clean Mobility Pvt. Ltd., a subsidiary of Tube Investments of India Ltd. (TII), has started setting up production facilities for the manufacture of electric tractors for the agriculture segment in Chennai and electric trucks for the commercial segment at Manesar, said its executive chairman M.A.M Arunachalam.
“We foresee a huge opportunity for tractors in the country, with supportive government policies on farm mechanization and green energy programs. Similarly, the E-M&HCV segment has a huge and untapped potential, with the technology and mass adoption still in nascent stages of the projected growth trajectory,” he said in the latest annual report.
“Our biggest focus is the EV segment where we foresee an immense opportunity for growth,” said its managing director Mukesh Ahuja adding that TII’s vision is to operate on multiple platforms in the productive vector of the EV spectrum.
“We believe we are at a significant stage of disruption in the EV industry in India, with immense unexplored possibilities,” Mr. Ahuja said.
TII acquired Cellestial E-Mobility to design and build e-tractors. Plans are on to launch three models of e-tractors in four-wheel drives for different end-user requirements by FY24. It would serve as a multi-purpose vehicle for farming and transportation needs.
In line with its plans to expand the scale and scope of the EV business, TICMPL will be raising funds up to ₹3,000 crore, to meet its ambitious growth trajectory through organic and inorganic streams.
In electric M&HCV space, TII vision is to be the leading provider of electric trucks for the commercial transportation industry. Going forward, the business intends to address 70% of the total haulage space.
During FY22, the company acquired IPL Tech Electric Pvt. Ltd., the manufacturer of 55T electric trucks. Necessary approvals are awaited for the launch and is expected to expand rapidly in FY24. Besides, it is working on other variants, Mr. Arunachalam said.
“We have chosen to manufacture the 55-Ton truck, covering short haulage operations for the iron & steel, cement and construction industries. We would be creating separate distribution networks to cater to the EV Platforms,” Mr. Ahuja said.
After the successful launch of e-scooter Montra, TICMPL is also developing cargo and e-rickshaw variants, which are expected to be launched in the second half of FY24.
