CHENNAI: 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, MD, Jayem Automotives (P) Limited (Jayem Auto) to jointly invest in the new company, wherein TICMPL will hold 80% stake and Anand the balance.
To augment its R&D and rapid product development capability, TICMPL has entered into definitive agreements to acquire 50% 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.
MAM Arunachalam (also known as Arun Murugappan), chairman of TICMPL said, “We are happy to announce a significant milestone in our EV foray with the addition of small CVs to our e-mobility offerings. Our fourth EV Platform, TICMPL will be in a position to offer mobility solutions to enterprises and logistic companies across intercity, intracity and last mile applications.”