 "Electric vehicles")
Chennai-based Murugappa Group-promoted Tube Investments of India (TII) announced its foray into the small commercial electric vehicle segment on Monday through its subsidiary TI Clean Mobility Private Limited (TICMPL).
TICMPL has entered into an agreement with Jayem Automotives (Jayem Auto) through which the company will acquire 50 per cent stake in Jayem Auto through a combination of primary subscription and secondary purchase of shares, for a total sum of up to Rs 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.
TICMPL will also float a new subsidiary company to commercialize eSCV (electric small commercial vehicles). In this regard, TICMPL entered into an agreement to jointly invest in the new company, wherein TICMPL will hold 80 per cent stake and Jayem Auto Managing Director J Anand will hold 20 per cent.
“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,” said M A M Arunachalam (also known as Arun Murugappan), Chairman of TICMPL.
“We are also glad to partner with 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.
“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,” Anand said.
