TI Clean Mobility Acquires 50 Percent Equity Stake in Jayem Automotive
#TICleanMobility #TubeInvestments #JayemAutomotive“Jayem has established itself as a strong company in the automotive design and development segment having worked with leading auto OEMs over the last few decades. We, at TICMPL, strongly believe that the association with Jayem will supplement our in-house design and development capabilities and bring agility and innovation.” - M.A.M Arunachalam, Chairman, TICMPL
July 2023 : TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII) announced its entry into the largest segment of commercial vehicles in India with its fourth Electric Vehicle platform. TICMPL will float a new subsidiary company to commercialize eSCV (electric small commercial vehicles). In this regard, TICMPL entered into an agreement with J. Anand, Managing Director of Jayem Automotives (P) Limited (Jayem Auto) to jointly invest in the new company, wherein TICMPL will hold 80 percent stake and Mr. Anand will hold 20 percent.
Further, to augment its R&D and rapid product development capability, TICMPL has entered into definitive agreements to acquire 50 percent stake in Jayem Auto through a combination of primary subscription and secondary purchase of shares, for a total sum of up to ₹ 206 Crore. Currently, Jayem is engaged in design, development, testing and manufacturing of a wide range of automotive components, systems and prototypes with deep expertise in electric vehicles.
Commenting on the development, M.A.M Arunachalam (also known as Arun Murugappan), Chairman of TICMPL said, “We are happy to announce a significant milestone in our Electric Vehicle foray with the addition of small commercial vehicles to our electric mobility offerings. With the addition of eSCV, our fourth EV Platform, TICMPL will be in a position to offer end-to-end mobility solutions to enterprises and logistic companies across intercity, intracity and last mile applications. We will continue our efforts to provide environment friendly mobility solutions through our differentiated products and innovative mobility solutions.”
“We are also glad to partner with Mr. Anand, a passionate auto-enthusiast with deep EV industry knowledge. Jayem has established itself as a strong company in the automotive design and development segment having worked with leading auto OEMs over the last few decades. We, at TICMPL, strongly believe that the association with Jayem will supplement our in-house design and development capabilities and bring agility and innovation,” he added.
Speaking on the partnership, Jayem’s Managing Director, J. Anand said, “We are very excited to partner with TICMPL and be a part of this transformation journey. With Jayem’s capabilities in concept creation, design, development and prototyping, combined with TICMPL’s manufacturing and marketing expertise, we are confident that we will deliver high-performance products to the market that surpass customer expectations in the EV small commercial vehicle segment.”
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