TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India, has announced its entry into the largest electric small commercial vehicle (eSCV) segment in the country with its fourth EV platform, the company informed on Monday. Until now, TI Clean Mobility had a presence in electric three-wheelers, electric tractors and electric heavy commercial vehicles.
As per the press statement, TI Clean Mobility will float a new subsidiary company to commercialise eSCVs, in which it will hold an 80% stake and J. Anand, Managing Director of Jayem Automotives, will hold a 20% stake.
To augment its R&D and rapid product development capability, TI Clean Mobility has also entered into definitive agreements to acquire 50% 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 EV, the company added.
Commenting on the development, M.A.M Arunachalam, Chairman of TI Clean Mobility , said, “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, 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.
Speaking on the partnership, Jayem’s Managing Director, J. Anand said, “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.”
The development comes months after TI Clean Mobility revealed its plans to raise Rs 3000 crore to grow its EV business organically and inorganically.
Founded in 1900, Murugappa Group generates an annual turnover of Rs 54,722 crore across 29 businesses including ten listed Companies traded in NSE & BSE.
Headquartered in Chennai, the major Companies of the Group include Carborundum Universal, CG Power and Industrial Solutions, Cholamandalam Financial Holdings, Cholamandalam Investment and Finance Company, Cholamandalam MS General Insurance Company Ltd., Coromandel International, Coromandel Engineering Company, E.I.D. Parry (India), Parry Agro Industries, Shanthi Gears, Tube Investments of India and Wendt (India).
The Group holds leadership position in several product lines including Abrasives, Technical Ceramics, Electro Minerals, Auto Components & Systems, Power Conversion Equipment, Transformers & Reactors for the Power T&D segment, Solutions for Railways in Rolling Stock and Signalling Equipment, Bicycles, Fertilisers, Sugar, Tea and Spirulina (Nutraceuticals), claims the company.