The Murugappa Group would invest Rs 200 crore in the category and debut the Montra brand of electric three-wheelers by September.
TI Clean Mobility (TCM), a wholly owned subsidiary of Tube Investments of India (TII), the company behind BSA and Hercules bicycles and a member of the Murugappa Group, is in charge of the electric vehicle (EV) industry.
TCM will start producing electric tractors this year through Cellestial E-Mobility, in which the group acquired a 70% controlling interest for Rs 161 crore.
“Montra electric three-wheelers will be launched by August-September this year. For electric three-wheelers we will be investing around Rs 200 crore,” said Arun Murugappan, executive chairman of Tube Investments. Montra will be launched both in passenger and cargo segments.
