With depleting fossil resources and increasing fuel demands, the need for an alternative source has become mandatory. Incorporation of Hybrid Electric Vehicles (HEVs) in place of conventional petrol and diesel guzzling vehicles has proved to be a promising solution for the above problem. In a HEV, bi-directional DC-DC power converter plays a major role as it acts as an interfacing unit between battery and load. Split-pi DC-DC Converter is one such converter which controls the power flow in both the directions and operates in both buck and boost modes of operation. In a conventional Split-pi Converter the ripple magnitude of input and output current is high and is quite undesirable. Thus, interleaving concept is introduced along with coupling in order to reduce the ripple content and the component size. The simulation of the circuit has been carried out using MATLAB/SIMULINK tool.