Chennai, Jul 19 (IANS): Continuing its acquisition spree of last year, Chennai-based industrial conglomerate Murugappa Group began this fiscal with the acquisition of majority stake in an electric truck maker for Rs 246 crore.

Murugappa Group's electric vehicle company TI Clean Mobility Private Ltd has inked an agreement to acquire 62.5 per cent stake in IPLTech Private Ltd.

With this, TI Clean Mobility plans to add electric trucks to its existing portfolio of electric three wheelers and tractors.

TI Clean Mobility - a wholly-owned subsidiary of multi-product company Tube Investments of India Ltd - will acquire the majority stakes in the Rs 13 crore revenue IPLTech by combination of share purchase from the equity shareholders (Rs 96 crore) and fresh infusion of equity (Rs 150 crore).

The acquisition is expected to be completed on or before October 31.

Tube Investments will infuse an additional Rs 150 crore as equity in TI Clean Mobility and also provide Rs 100 crore as inter corporate deposit.

Meanwhile TI Clean Mobility will soon launch its electric three wheeler - passenger and good carrier - and later, the electric tractors.

"The three-wheelers will be in the premium segment and will be launched by end August or in September this year. The vehicles are rolled out of Tube Investments' plant here," Tube Investments Executive Chairman Arun Murugappan recently said.

According to him, the company will launch three models in the three wheeler segment under the brand Montra.

As regards the distribution network, Murugappan said the company has presence in 40 locations and the number will go up to 100 by the end of this year.

He said the initial production capacity of the three wheelers will be 75,000 per annum and will be increased based on the demand.

Murugappan also said the initial outlay for the electric three-wheeler business is about Rs 200 crore and there are no plans to access funds from outside at present.

According to him an electric tractor plant is also being set up near here by group company Cellestial E-Mobility while declining to share additional details as to investment and the production capacity.

TI Clean Mobility has a 70 per cent stake in the Hyderabad-based Cellestial E-Mobility. The electric tractors are rolled out at the plant near Bengaluru.

The 70 per cent stake was acquired for Rs 161 crore and there will be further investments, Murugappan added.

He declined to answer when queried whether Cellestial Mobility will be merged with TI Clean Mobility.

Murugappan said there are synergies that exist between the group's various companies and the electric vehicle company TI Clean Mobility. He said group company CG Power and Industrial Solutions makes big motors now.

But in future the company may play a major role in TI Clean Mobility.

Last fiscal, various group companies of Murugappa Group with interests in fertilisers, engineering products, abrasives, financial services acquired several companies within and outside India.