Murugappa Group's Tube Investments diversifies into electronics biz

Murugappa Group’s Tube Investments of India (TII) has acquired a 76 per cent equity stake in Moshine Electronics (MEPL), a company manufacturing camera modules for mobile phones. Through this, the company has marked its foray into the electronics component segment.  

The acquisition would be through secondary purchase of shares for a total consideration of about Rs 8.64 crore. MEPL has its manufacturing facility in Noida. “Through our acquisition of Moshine Electronics, we have diversified into the electronics components ecosystem which will enable us to fulfil the Atmanirbhar Bharat vision of our country,” said 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 is expected to boost indigenization of this growing segment.

TII had recently diversified into manufacturing electric vehicles in line with its long-term business growth plans and created multiple lines of new business and revenue streams to maintain its growth trajectory. Recently, through its subsidiary TI Clean Mobility (TCM), the group had entered into a definitive agreement with electric heavy commercial vehicle company, IPL Tech Electric (IPLT) to acquire 65 per cent stake in that company for Rs 246 crore.