TI Clean Mobility (TICM), a subsidiary of Tube Investments of India, announced its entry into commercial vehicles with its fourth Electric Vehicle (EV) platform. The company will float a new subsidiary to commercialise eSCV (electric small commercial vehicles).
Towards this, it has entered into an agreement with J Anand, Managing Director, Jayem Automotives (Jayem Auto), to jointly invest in the new company, wherein TICM will hold an 80% stake, and Anand will hold the rest.
Further, to augment its R&D and rapid product development capability, TICM has entered into definitive agreements to acquire a 50% stake in Jayem Auto through a combination of primary subscription and secondary purchase of shares for a total sum of up to INR 206 crore. 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.
M A M Arunachalam, Chairman, TICM said, “With the addition of eSCV, our fourth EV Platform, TICM will be in a position to offer end-to-end mobility solutions to enterprises and logistic companies across intercity, intracity and last mile applications.”
Anand added, “With Jayem’s capabilities in concept creation, design, development and prototyping, combined with TICM’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.”