Murugappa Group company TI Clean Mobility Pvt Ltd (TICMPL) has acquired the remaining three crore equity shares of Tivolt Electric Vehicles Pvt Ltd for ₹30 crore, making it a wholly owned subsidiary.
TICMPL is a subsidiary of Tube Investments of India Ltd. This transaction will enable TICMPL to consolidate its holding and have better operational control.
Stake consolidation
With this transaction, TICMPL has acquired the balance 5.45% stake from other shareholders, consolidating 100% ownership in Tivolt.
The acquisition was completed on March 31, 2026, on an arm’s length basis, enabling tighter operational control and strategic alignment.
Business profile
Incorporated in 2023, TICMPL is engaged in the manufacture and sale of electric small commercial and light commercial vehicle (e-SCV) segment — super auto, super cargo, eviator, Rhino and tractor – under the brand name Montra Electric. It reported turnover of ₹81.55 crore for the nine months of FY26.
Fund infusion to support growth
A day prior to the acquisition, Tube Investments of India Ltd entered into a subscription agreement with TICMPL to make an incremental investment of about ₹250 crore through Compulsorily Convertible Preference Shares (CCPS).
The proposed fund infusion is aimed at scaling up TICMPL’s operations and strengthening the growth trajectory of its subsidiaries, including Tivolt, in the electric mobility segment.