Tube Investments of India Group to acquire 65.2% stake in IPLTech Electric
Capital MarketTI Clean Mobility (TICMPL), a wholly owned subsidiary of Tube Investments of India (TII) has today (18th July 2022) entered into definitive agreements for acquisition of 65.2% in the equity share capital of IPLTech Electric (IPLT), through a combination of purchase of equity shares from the founders and other exiting shareholders of IPLT and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs.246 crore.
IPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles.
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