Business Update30 May 2024, 10:53 pm
Tube Investments Subsidiary Acquires 23.69% Stake in Electric Vehicle Manufacturer IPLTech for Rs. 185 Cr.
AI Summary
Tube Investments of India Ltd (TIl) announced that its subsidiary, Tl Clean Mobility Private Limited (TICMPL), has acquired 5,024 equity shares, or 23.69%, of IPLTech Electric Private Limited (IPLT) from the founders for approximately Rs. 185 Cr. This acquisition increases TICMPL's shareholding in IPLT from 65.77% to 89.46%. IPLT, incorporated in 2019, is engaged in the manufacture and sale of electric heavy commercial vehicles in India, with a turnover of Rs. 33.20 Cr in FY 2023-24.
Key Highlights
- Tube Investments of India Ltd (TIl) subsidiary Tl Clean Mobility Private Limited (TICMPL) acquires 23.69% stake in IPLTech Electric Private Limited (IPLT).
- TICMPL purchases 5,024 equity shares from IPLT founders for approximately Rs. 185 Cr.
- Post-acquisition, TICMPL's shareholding in IPLT increases from 65.77% to 89.46%.
- IPLT is an electric vehicle manufacturer, incorporated in 2019, with a focus on electric heavy commercial vehicles.
- IPLT's turnover for FY 2023-24 is Rs. 33.20 Cr.