Farmers will get relief, Murugappa Group is bringing electric tractor and three-wheeler

Chennai-based Murugappa Group is all set to enter the EV space with a newly created unit that will be known as TI Electric under the cycle joint venture of group company, Tube Investments India (TII), Murugappa. TI Electric will reportedly enter electric three-wheelers, tractors and other formats. The standalone Rs 5,600-crore TII will target both the passenger and commercial EV segments with its new project. This is the second time the Murugappa Group is foraying into the EV segment.

The market launch of TI Electric is expected between August-September 2022. Murugappa Group has reportedly acquired 70 per cent stake in Celestial E-Mobility for Rs 161 crore for its e-tractor business. The plant for the e-tractor was set up in Hyderabad and currently offers 27, 35 and 55 HP e-tractors with advanced features like wireless steering, friction less braking, among others.

TII will use its bicycle brand name Montra for the electric three-wheeler business. They are also planning to set up a production facility at Ambattur, Chennai. This facility is expected to have a production capacity of 75 thousand three wheeler vehicles every year. Amid the wave of electric vehicles, the Murugappa Group is betting big in the area of ​​electric tractors and commercial three-wheeler vehicles that will serve the farming and logistics sectors. In 2012, the group made its first foray into the electric scooter sector with BSA. However, during that time the business failed to take off and the Murugappa Group exited the space.