CHENNAI: Tube Investments of India (TII) has recently diversified into manufacturing electric vehicles in line with its long-term business growth plans and create multiple lines of new business and revenue streams to maintain its growth trajectory.
The Company has identified electronic products and components as a growth vector. India is a major importer of electronic items and parts. Recent policy initiatives from the Centre offering Production Linked Incentives and Phased Manufacturing Programs is expected to boost indigenisation of this growing segment.
The Company has executed Share Purchase and Shareholders’ Agreement to acquire 76% equity stake in MEPL, a company manufacturing camera module for mobile phones. The acquisition would be through secondary purchase of shares for a total consideration of about Rs. 8.64 cr. MEPL has its manufacturing facility in Noida.