Tube Investments forays into small commercial electric vehicle segment
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.
