Tube Investments Acquires Remaining Stake in TIVOLT Electric Vehicles
Tube Investments of India Limited announced that M/s. TIVOLT Electric Vehicles Private Limited has become a wholly-owned subsidiary of M/s. TI Clean Mobility Private Limited, a subsidiary of Tube Investments, effective March 31, 2026. This followed the acquisition of 3,000,000 equity shares, representing the remaining 5.45% stake held by another shareholder, for a consideration of Rs. 30 crore.TIVOLT Electric Vehicles Private Limited is engaged in the manufacture and sale of electric small commercial vehicles (e-SCV). The company was incorporated in 2023 and operates in India. TIVOLT reported a turnover of Rs. 81.55 crore for the fiscal year 2025-26 (unaudited), Rs. 5.21 crore for FY 2024-25, and Rs. 4.26 crore for FY 2023-24.
According to a statement, the transaction will enable TI Clean Mobility Private Limited to consolidate its holdings and improve operational control. The acquisition was made on an arms-length basis.
| Disclosure Requirement | Details |
|---|---|
| Name of Entity | M/s. TIVOLT Electric Vehicles Private Limited ('TIVOLT'); engaged in manufacture and sale of electric small commercial vehicle (e-SCV) business; Issued and Paid up equity capital - Rs. 550 Cr. |
| Turnover - FY 2025-26 (Unaudited) | Rs. 81.55 Cr. |
| Turnover - FY 2024-25 | Rs. 5.21 Cr. |
| Turnover - FY 2023-24 | Rs. 4.26 Cr. |
| Acquisition Type | Shares acquired by TICMPL from another shareholder at arms' length. |
| Consideration | Rs. 30 crore |
| Percentage Acquired | 100% (resulting in TIVOLT becoming a wholly-owned subsidiary) |
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