Multiples and SBI completed the acquisition of a stake in TI Clean Mobility for $236m.

Multiples, a private equity firm, and SBI, a multinational public sector bank and financial services statutory body, completed the acquisition of a stake in TI Clean Mobility, a company that manufacture and marketing of electric three-wheelers in the passenger auto and cargo segments, for $236m. “We are privileged and excited to partner with the Murugappa group in its journey to build India’s leading electric commercial vehicle OEM," Renuka Ramnath, Multiples Alternate Asset Management Founder, Managing Director and CEO.