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On the electric-commercial vehicle segment, he said the acquisition of a 65.2 per cent stake of IPLTech Electric Pvt Ltd by TI Clean Mobility Private Limited (TICMPL) has gained access to the EV-medium and heavy commercial vehicle segment.
Date: July 11, 2023
Chennai- Tube Investments of India Ltd., a subsidiary of the Murugappa Group, has released its annual report for the FY2022-23 and mentions that the company is planning to expand its presence in the electric vehicle segment by targeting the agriculture and commercial vehicle markets. The company is currently manufacturing electric tractors at its facility in Apex Park in Chennai and electric trucks in Manesar in Haryana.
Executive Chairman M A M Arunachalam said that there is a huge opportunity for electric tractors in agriculture and e-trucks in commercial vehicles. He added that the company is well-positioned to capitalize on this opportunity due to its strong manufacturing capabilities and its experience in the automotive industry.
"The automotive sector in India is shifting towards sustainable mobility. Environmental mandates to reduce CO2 emissions are driving countries towards the adoption of cleaner, non-fuel, non-polluting modes of transportation," he said.
Tube Investments of India entered into the electric vehicle business with the acquisition of 65.2 per cent stake in IPLTech Electric Pvt Ltd in the month of June 2022 to become an original equipment manufacturer (OEM) of zero-emission vehicles and participate in the entire productive end of EV spectrum.
"The automotive sector in India is shifting towards sustainable mobility. Environmental mandates to reduce CO2 emissions are driving countries towards the adoption of cleaner, non-fuel, non-polluting modes of transportation," he said.
Tube Investments of India Ltd Managing Director Mukesh Ahuja said the company's biggest focus is the EV segment with immense opportunity for growth. "Our vision is to operate on multiple platforms in the productive sector of the EV spectrum. We believe we are in a significant stage of disruption in the EV industry in India, with immense unexplored possibilities. ...The EV market in India is estimated to reach $ 7.09 billion by 2025 with a need for a cumulative investment of $180 billion in vehicle production and charging infrastructure until 2030 to meet the country's EV ambitions," he said citing India Energy Storage Alliance (IESA) report.
On the electric-commercial vehicle segment, he said the acquisition of a 65.2 per cent stake of IPLTech Electric Pvt Ltd by TI Clean Mobility Private Limited (TICMPL) has gained access to the EV-medium and heavy commercial vehicle segment.
"We have chosen to manufacture the 55-tonne truck, covering short haulage operations for the iron and steel, cement, and construction industries. We have already started work on the manufacturing facility at Manesar, Haryana for making the e-trucks. We would be creating separate distribution networks to cater to the EV platforms," he said.
The company is planning to invest further in its electric vehicle manufacturing facilities and to develop new products. It is also working to expand its sales and marketing network.
Recently TI Clean Mobility Private Limited (TICMPL) had signed an agreement with Jeyam Automotive in creating a new venture for production of eSCV (Electric Small Commercial Vehicles) at a 80:20 partnership.
