Tube Investments of India has announced the acquisition of the remaining 5.45% stake in TIVOLT Electric Vehicles Private Limited, making it a wholly owned subsidiary of its arm, TI Clean Mobility Private Limited (TICMPL). The acquisition was completed on 31st March 2026 for a cash consideration of ₹30 crore.
TIVOLT Electric Vehicles, engaged in the manufacture and sale of electric small commercial vehicles (e-SCV), has been fully integrated into TICMPL’s operations. This strategic move is expected to enhance TICMPL’s operational control and consolidate its holdings in the electric vehicle sector.
The issued and paid-up equity capital of TIVOLT stands at ₹550 crore. The company reported a turnover of ₹81.55 crore for the financial year 2025-26 (unaudited YTD December 2025) and ₹5.21 crore for the audited financial year 2024-25.
The transaction was conducted at arm’s length, with the shares acquired from the other shareholder by TICMPL, the holding company. TIVOLT, incorporated in 2023, operates solely within India and focuses on the electric vehicle industry, particularly the e-SCV segment.
TICMPL’s acquisition of the entire remaining stake in TIVOLT aligns with its strategic objectives to expand its footprint in the electric vehicle market and leverage synergies within its subsidiary network.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).