Tube Investments forays into e-SCV and acquires controlling interest in Jayem Automotives

Tl Clean Mobility Private Limited (“TICMPL”), a subsidiary of Tube Investments of India Limited (“TII”), on 03 July’23, entered into an agreement with Mr. Anand Jayachandran for pursuing electric small commercial vehicle business (“e-SCV’) through a subsidiary to be incorporated by TICMPL.

TICMPL will be investing Rs. 160 Crores and Mr. Anand Jayachandran will be investing Rs. 40 Crores in the form of equity.

TICMPL also entered into definitive agreements for acquisition of 50% in the equity share capital of Jayem Automotives Private Limited (“Jayem”), through a combination of purchase of equity shares from Mr. Anand Jayachandran and Mr. B Jayachandran, the promoters of Jayem & other existing shareholders of Jayem and by way of subscription to fresh equity shares, for an aggregate consideration of up to Rs. 206 Crores.

Jayem is an automotive research & development company engaged in design, development, testing and manufacturing of a wide range of automotive components, systems and prototypes. Jayem achieved a turnover of Rs 85.42 cr and a net loss of Rs 1.29 cr in FY23 as per the unaudited numbers.