Tube Investments Completes Full Ownership of TIVOLT Electric for ₹30 Cr

Why This Matters

Gaining 100% ownership allows TICMPL to exercise complete strategic and operational control over TIVOLT. This streamlined structure can facilitate quicker decision-making, better integration of resources, and more efficient capital allocation for TIVOLT's growth in the burgeoning e-SCV market.

Acquisition Complete

The final acquisition of the remaining 5.45% stake in TIVOLT Electric Vehicles Private Limited was finalized on March 31, 2026. Tube Investments of India Limited (TII), via its subsidiary TI Clean Mobility Private Limited (TICMPL), paid ₹30 crore in cash to secure full ownership. This move solidifies TICMPL's control over TIVOLT's operations in the electric small commercial vehicle (e-SCV) sector.

Background on TI Clean Mobility

TI Clean Mobility Private Limited (TICMPL), established in February 2022, is TII's dedicated arm for electric mobility solutions. The company has been aggressively investing in the EV sector, with total investments nearing ₹3,000 crore. TICMPL's strategy spans multiple EV platforms, including electric tractors (via Cellestial E-Mobility) and electric heavy commercial vehicles (via IPL Tech Electric), alongside its focus on three-wheelers and small commercial vehicles. TIVOLT Electric Vehicles Pvt Ltd was specifically incorporated by TICMPL to focus on the e-SCV segment. While TICMPL and its subsidiaries, including TIVOLT, have reported financial losses, the company is focused on scaling operations and moving towards break-even, supported by ongoing investments and new product launches.

What Changes Now

• Complete Ownership: TIVOLT is now fully owned by TICMPL, removing minority stake complexities.
• Enhanced Control: TICMPL gains full authority over TIVOLT's strategic direction, product development, and market expansion.
• Operational Synergies: Potential for deeper integration with TICMPL's broader EV ecosystem, leading to greater operational efficiencies.
• Simplified Capital Allocation: Easier deployment of capital and resources towards TIVOLT's growth objectives.

Competitive Landscape

Tube Investments, through TIVOLT, is positioning itself in the competitive Indian electric commercial vehicle (e-CV) market. Key players in this space include Tata Motors and Mahindra & Mahindra, which are also expanding their portfolios in the e-SCV and e-LCV segments. The overall Indian eCV market is projected for significant growth, expected to reach USD 17.48 Billion by 2031, driven by government support and a shift towards sustainability.

Key Financial Metrics

• TIVOLT Electric Vehicles Pvt Ltd reported a turnover of ₹4.26 crore in FY23-24.
• The company's turnover increased to ₹5.21 crore in FY24-25.
• For FY25-26 (unaudited YTD December 2025), TIVOLT's turnover stood at ₹81.55 crore.

What to Track Next

• TIVOLT's market penetration and sales volume in the e-SCV segment.
• The success of new product launches like the Eviator 350.
• The company's progress towards achieving profitability and positive cash flow.
• Further investment and expansion plans by TICMPL for the e-SCV vertical.
• Competitive responses from other major players in the e-SCV market.