TI Clean Mobility to Acquire 50 Percent Stake in Jayem Automotives
TICMPL is reportedly planning to acquire 50 percent stake in Jayem Automotives Pvt. Ltd. for a total sum of INR 206 crore. The acquisition is expected to be completed by September 1.
July 04, 2023. By Anurima Mondal
Apparently, TICMPL will invest INR 176 crore towards the purchase of 54,82,722 equity shares from the founders and other shareholders of Jayem Automotives and spend INR 30 crore towards subscription of 9,34,556 equity shares.
The firm is expected to set up a new subsidiary business in which it will own 80 percent and Jayem Automotives MD Anand Jayachandran will own 20 percent. TICMPL and Jayachandran will invest INR 160 crore and INR 40 crore in the equity of the new company.
TI Clean Mobility Pvt Ltd is already engaged in manufacturing and marketing of electric three-wheelers, electric tractors and electric heavy trucks through organic and inorganic modes. Through this partnership, Tube Investments of India Ltd. is entering the manufacture and sale of electric small commercial vehicle as well.
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