TI Clean Mobility set to foray into small electric commercial vehicles

TI Clean Mobility Chairman M.A.M. Arunachalam

TI Clean Mobility Pvt. Ltd. (TICMPL) said it will be floating a new subsidiary to produce electric small commercial vehicles (e-SCV).

On Monday, the TII subsidiary entered into an agreement with the managing director of Jayem Automotives Pvt. Ltd. to float the subsidiary

TICMPL will be investing ₹160 crore and Mr. Anand ₹40 crore in the form of equity shares in one or more tranches in the joint venture.

Further, TICMPL also entered into definitive agreements for acquiring 50% stake in Jayem Auto through a combination of primary subscription and secondary purchase of shares for a total value of ₹206 crore.

“With the addition of eSCV, our fourth EV Platform, TICMPL will be in a position to offer end-to-end mobility solutions to enterprises and logistic companies across intercity, intracity and last mile applications,” said M.A.M Arunachalam.

Coimbatore-based Jayem Auto is an automotive research and development company engaged in the design, development, testing and manufacturing of a wide range of automotive components, systems and prototypes.

As of March, Jayem issued and paid up capital stood at ₹11.90 crore and it had a net worth of ₹86.85 crore. It posted a turnover of ₹85 crore and net loss of ₹1.29 crore.