Murugappa group cos complete acquisition of two private firms ₹253 crore

September 24, 2022 08:10 pm | Updated 08:10 pm IST - CHENNAI

Tube Investments of India Ltd. (TII) and its subsidiary TI Clean Mobility Pvt. Ltd. have announced the completion of acquisitions of Moshine Electronics Pvt Ltd. and IPL Tech Electric Pvt. Ltd., respectively for a total consideration of ₹253 crore.

In July 2022, TII entered into an MoU with Moshine and acquired 20.67 lakh equity shares, representing 76% of the share at a revised consideration of ₹7.38 crore against ₹8.64 crore.

TII acquired Moshine in line with long-term business plans to create multiple lines of new business and revenue streams to maintain its growth trajectory in EV segment.

TI Clean Mobility, a subsidiary of TII, acquired 13,836 equity shares of lPL Tech Electric Pvt. Ltd, representing about 65% of the share capital, for an aggregate sum of ₹246 crore.

Moshine is engaged in manufacturing and sale of camera modules for mobile phones, while IPL Tech is a start-up engaged in manufacture and sale of electric heavy commercial vehicles.

TI Clean Mobility said the acquisition was meant to broaden its product and business portfolio with a view to reducing its dependence on existing revenue streams and to explore growth opportunities in clean mobility.

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