Tube Investments subsidiary TICMPL picks up 50% stake in Jayem Auto

CHENNAI: TI Clean Mobility Private Limited (TICMPL), a subsidiary of Tube Investments of India Limited (TII), has entered into definitive agreements to acquire 50% stake in Coimbatore-based Jayem Auto through a combination of primary subscription and secondary purchase of shares, for a total sum of up to Rs 206 crore.

TICMPL has also announced its entry into the electric small commercial vehicle (eSCV) segment by floating a new subsidiary company in which Jayem Auto MD J Anand will hold a stake.