TI Clean Mobility (TICMPL) has acquired 50 percent stake for Rs 206 crore in Jayem Automotive, marking its foray in the electric small commercial vehicle (SCV) space.
Furthermore, TICMPL aims to float a new subsidiary to commercialize e-SCV and has agreed with J Anand, MD of Jayem Automotives to jointly invest in the new company, wherein TICMPL will hold 80 percent stake and while Anand will hold a 20 percent stake.
This move TI Clean Mobility says will strengthen its entry into the largest segment of commercial vehicles in India and also expand its EV solution with the fourth electric vehicle platform.
M AM Arunachalam (Arun Murugappan), Chairman, 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 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.
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.”
Currently, Jayem is engaged in the design, development, testing and manufacturing of a wide range of automotive components, systems and prototypes with deep expertise in electric vehicles.
Click Here to get the latest EV news and exclusive updates from EV Mechanica on WhatsApp!