Tube Investments of India looks to tap EV market
Electric vehicles have emerged as the forerunner of the clean and green transportation mission with wide global adoption
India would play a significant role in electric vehicles in the near future with supportive government policies auguring well for the industry.
Chennai Engineering company Tube Investments of India Ltd is looking to tap a huge opportunity for electric tractors in agriculture and e-trucks in the commercial vehicles as it eyes a larger presence in the electric vehicle segment.
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, Executive Chairman M A M Arunachalam said. "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," he said. Electric vehicles have emerged as the forerunner of the clean and green transportation mission with wide global adoption, the senior official said. Tube Investments of India forayed into the electric vehicle business with the acquisition of 65.2 per cent 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.
The company's Montra brand of electric three-wheelers for the passenger segment was launched in the market and has received a positive response from the users, he said. "...the facilities for manufacturing e-tractors for the agriculture segment and the e-trucks for the commercial segment are being built at Apex Park in Chennai Tamil Nadu and Manesar in Haryana (respectively)," he said in the company's annual report.
