Global Innovators Showcases Battery Solu...
December 18, 2024
TICMPL to fromulate a new JV firm with Jeyam Automotive (80:20), TI to acquire 50% stakes on Jeyam Auto to strenghten their R&D capabilities
Date: July 4, 2023
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 Mr. J. Anand, Managing Director of Jayem Automotives (P) Limited (Jayem Auto) to jointly invest in the new company, wherein TICMPL will hold 80% stake and Mr. J. Anand will hold 20%.
Further, 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 INR 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.
Mr. 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.
Jayem’s Managing Director, Mr. 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.”
About Jayem Automotives Private Limited
Jayem is an established Research & Development company providing end-to-end automotive solutions. It specializes in the design, development, prototyping, and production of a wide variety of performance vehicles and components. Jayem works with leading companies and cutting-edge technologies spread across the spectrum of high-performance automobiles, electric vehicles, engines for the aerospace sector, special performance engines and more.
