The engineering division of Murugappa Group, Tube Investments of India, announced its diversification into manufacturing electric vehicles in line with its long-term business growth plans. The company said this move will also create multiple lines of new business and revenue streams to maintain its growth trajectory.
Identifying electronic products and components as a growth vector, the company has executed a Share Purchase and Shareholders’ Agreement to acquire a 76% equity stake in Moshine Electronics, a company manufacturing camera modules for mobile phones.
According to a press release from the company, the acquisition would be through the secondary purchase of shares for a total consideration of about INR 8.64 crore.
M A M Arunachalam, Chairman, Murugappa Group, said, “Through our acquisition of Moshine Electronics, we have diversified into the electronics components ecosystem, which will enable us to fulfil the Atmanirbhar Bharat vision of our country.”