Tube Investments of India Ltd. (TII) has recently diversified into manufacturing electric vehicles in line with its long-term business growth plans and create multiple lines of new business and revenue streams to maintain its growth trajectory.
The company has identified electronic products and components as a growth vector. India is a major importer of electronic items and parts. Recent policy initiatives from the Government of India offering Production Linked Incentives and Phased Manufacturing Programs is expected to boost indigenization of this growing segment.
Acquisition of controlling stake in Moshine Electronics Private Ltd. (MEPL)
The company has executed Share Purchase and Shareholders’ Agreement to acquire 76% equity stake in MEPL, a company manufacturing camera module for mobile phones. The acquisition would be through secondary purchase of shares for a total consideration of about Rs. 8.64 cr. MEPL has its manufacturing facility in Noida.
Commenting on the acquisition, Mr. M.A.M. Arunachalam (known as Arun Murugappan), Chairman of the company, said: “Through our acquisition of Moshine Electronics Private Ltd., we have diversified into the electronics components ecosystem which will enable us to fulfil the Atmanirbhar Bharat vision of our country”.