Tube Investments has diversified its portfolio with the acquisition of Noida-based Moshine Electronics, which is aligned with its long-term growth plans.
Tube Investments of India Ltd. (TII), a Murugappa Group company, has acquired a 76 percent equity stake in Moshine Electronics Pvt. Ltd. (MEPL), a company manufacturing camera modules for mobile phones. The take-over by the Chennai-based firm marks its entry into the electronics component business.
The acquisition would be through the secondary purchase of shares which are valued at about INR 8.64 crore. MEPL has its manufacturing facility in Noida. This is in line with TII’s long-term growth plans and creating new lines as well as multiple sources of revenue.
“Through our acquisition of Moshine Electronics, we have diversified into the electronics components
ecosystem which will enable us to fulfill the Atmanirbhar Bharat vision of our country,” said Mr. M A M
Arunachalam, Chairman of TII.
The company said in a statement that it has identified electronic products and components as a growth sector. 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 are expected to boost indigenisation of this growing segment.
TII had recently expanded into manufacturing electric vehicles. Recently, through its subsidiary TI Clean Mobility (TCM), the group entered into a definitive agreement with electric heavy commercial vehicle company, IPL Tech Electric (IPLT) to acquire a 65 percent stake in that company for INR 246 crore.