Multiples PE invests Rs 12 billion in Murugappa Group’s TI Clean Mobility in maiden EV bet

Multiples Alternate Asset Management and its co-investors have invested up to Rs 12 billion ($144.7 million) in Murugappa group company TI Clean Mobility Private Limited, marking the private equity firm’s maiden bet on the fast growing electric vehicle segment. The investment is part of TI Clean Mobility’s planned fundraise of Rs 30 billion from its parent, Mumbai-listed Tube Investments of India Limited, and external investors including Multiples and State Bank of India.