Auto component company Tube Investments of India has announced its entry into the small commercial electric vehicle (EV) segment through its subsidiary TI Clean Mobility Private Limited (TICMPL).
In a definitive agreement with Jayem Automotives, TICMPL will acquire a 50% stake in the company to enhance its research and development capabilities for the upcoming EV launch.
The acquisition will be a combination of primary subscription and secondary share purchase, totalling up to Rs 206 crore. Jayem Automotives specializes in designing, developing, testing, and manufacturing automotive components, systems, and prototypes, with a focus on electric vehicles.
TICMPL will establish a new subsidiary in collaboration with Jayem Automotives to commercialize small commercial EVs, with TICMPL holding an 80% stake and J Anand, the managing director of Jayem Automotives, holding a 20% stake.
This strategic partnership aims to deliver high-performance EVs for the small commercial vehicle segment, leveraging Jayem’s expertise in concept creation and design, combined with TICMPL’s manufacturing and marketing capabilities.
The venture will enable Tube Investments to provide comprehensive mobility solutions for enterprises and logistic companies across various applications, including intercity, intracity, and last-mile transportation.
