Tube investments acquires 65.2% Stake in EV startup IPLT
- ByStartupStory | July 21, 2022
Tube investments of India, a Murugappa Group engineering business, has acquired a controlling share in InfraPrime Logistics Technologies (IPLTech), a heavy-duty electric vehicle (EV) production startup, through its wholly owned subsidiary TI Clean Mobility. Tube investments have signed into formal agreements to acquire a 65.2 percent share in IPLTech for an amount up to INR 246 Cr
Tube investments of India would spend up to INR 96 Cr to buy 5,380 equity shares from IPLTech’s founders and other shareholders. Furthermore, the engineering firm stated in a stock market filing early this week that up to INR 150 Cr will be used to subscribe to 8,456 equity shares in the startup. The transaction is scheduled to be finalized by October 31st of this year.
IPLTech, founded in 2019 and located in Gurugram, is a company that manufactures and sells electric heavy commercial vehicles. During its incorporation year, the company introduced its first commercial EV, the Rhino 5536A, a 60-tonne vehicle in the construction sector & powered by a 276 kWh battery. IPLTech’s revenue in FY22 was INR 13 Cr, compared to INR 23 Cr in FY21.
Through TI Clean Mobility, Tube Investments already has a stake in three-wheeler electric vehicles & electric tractors. Tube investments Chairman M.A.M Arunachalam commented on the transaction, saying, “The takeover of lPLTech Electric Private Limited has extended our presence in the clean mobility area and offers us the first mover advantage in this segment.”
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