With its fourth EV platform, TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India, has announced its entry into the country’s largest electric small commercial vehicle (eSCV) category. TI Clean Mobility was formerly present in electric three-wheelers, electric tractors, and electric heavy commercial vehicles.
According to the sources, TI Clean Mobility will establish a new subsidiary business to commercialise eSCVs, in which it will own 80% and J. Anand, Managing Director of Jayem Automotives, will own 20%.
TI Clean Mobility has also signed into formal agreements to buy a 50% ownership in Jayem Auto through a mix of primary subscription and secondary acquisition of shares, for a total of up to INR 206 crore, to strengthen its R&D and quick product development capabilities. Jayem is now active in the design, development, testing, and manufacture of a wide range of automotive components, systems, and prototypes, with a focus on EVs, according to the business.
The news comes months after TI Clean Mobility announced ambitions to raise INR 3000 crore to expand its EV business both organically and inorganically.
Murugappa Group, founded in 1900, has an annual revenue of INR 54,722 crore across 29 businesses, including 10 listed companies on the NSE and BSE.
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) are among the Group’s major companies.
