Liquidity Events
TI Clean Mobility acquires 50% in Jayem Automotive for Rs.206-Cr
TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India (TII), has picked up a 50% stake for INR 206 crore in Coimbatore-based Jayem Automotive, marking its foray into the electric small commercial vehicle (SCV) space. Jayem is engaged in designing, developing, testing, and manufacturing a range of automotive components, systems, and prototypes in electric vehicles. TICMPL will also float a new subsidiary to commercialize e-SCV and has entered into an agreement with J Anand, MD of Jayem Automotives to jointly invest in the new company. TICMPL will hold an 80% stake while Anand will hold the rest.
From the Venture Intelligence Angel Deal Database: In 2005 Jayem Automotives had attracted an investment from K.Ganesh promoted GrowthStory.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
