Murugappa Group company Tube Investments of India Ltd on Monday said it is planning to acquire about 65 percent equity stake in lPLTech Electric Private Ltd (IPLT), an electric heavy commercial vehicle company.
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The acquisition would be done through Tl Clean Mobility Private Ltd (TICMPL), a wholly owned subsidiary of Tube Investments of India Ltd. TICMPL proposes to acquire 13,836 equity shares of IPLT representing 65.2 percent of its equity share capital," the company said.
Tube Investments said in an exchange filing said, "The acquisition would be through a combination of primary and secondary purchase of shares for a total consideration of about Rs 246 core."
IPL Tech Electric Private Ltd is a start-up formed in 2019. This is India's first company to manufacture electric heavy commercial vehicles. The first offering of IPLT is "RHINO 5536' designed to run-on all-weather condition roads.
Commenting on the acquisition, M.A.M Arunachalam (known as Arun Murugappan), chairman of the company said, "The acquisition of lPLTech Electric Private has expanded our footprint in the clean mobility space and gives us a first mover advantage in this segment.
We have taken another important step to further our vision of improving quality of life through eco-friendly mobility solutions and to drive our ESG goals."
IPLT is a startup company incorporated on August 6, 2019, and is engaged in the manufacture and sale of electric heavy commercial vehicles, based out of Gurgaon.
"The acquisition is expected to be completed on or before 31st October 2022, subject to the satisfactory completion of the Conditions Precedents as contained in the Agreements executed between the parties, it added.