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TAMIL NADU, 11 July 2023: Tube Investments of India Ltd (TII) is looking to tap a huge opportunity for electric tractors and e-trucks in the agriculture and commercial vehicles segments, respectively. The company, part of the diversified conglomerate Murugappa Group, is currently engaged in the manufacturing of e-tractors at its facility in Apex Park in Chennai and for e-trucks in Manesar in Haryana.
TII Executive Chairman M A M Arunachalam said that the automotive sector in India is shifting towards sustainable mobility. Environmental mandates to reduce CO2 emissions are driving countries towards the adoption of cleaner, non-fuel, non-polluting modes of transportation.
“Electric vehicles have emerged as the forerunner of the clean and green transportation mission with wide global adoption,” Arunachalam said.
TII forayed into the electric vehicle business with the acquisition of 65.2% stake in IPLTech Electric Pvt Ltd to become an original equipment manufacturer (OEM) of zero-emission vehicles and participate in the entire productive end of EV spectrum. IPLTech Electric Pvt Ltd is a company manufacturing electric-medium and heavy-duty commercial vehicles.
Arunachalam said that the company sees a huge opportunity for electric tractors in the agriculture sector. “The electric tractor market is expected to grow at a CAGR of 25%-30% in the next five years,” he said.
TII is also targeting the commercial vehicles segment with its e-trucks. The company believes that the e-truck market is poised for strong growth in the coming years, driven by increasing demand from e-commerce companies and fleet operators.
“We are well-positioned to capitalize on the growth opportunities in the electric tractor and e-truck segments,” Arunachalam said. “We have a strong R&D team and a dedicated team of engineers who are working on developing new and innovative electric vehicles.”
TII is also working on setting up a new manufacturing facility for electric vehicles in India. The company plans to invest around INR 1,000 crore in the new facility.
The company is confident that it will be able to achieve its target of becoming a leading player in the electric vehicle market in India.
