Tube Investments of India Ltd (TII) has signed a share purchase and shareholders’ agreement with Noida-based Moshine Electronics Pvt. Ltd. (MEPL) to purchase a 76% equity investment for a potential total of 8.64 crore.
In a statement, TII Chairman M.A.M. Arunachalam said, “Through the acquisition of Moshine Electronics, we have diversified into the ecosystem of electronics components, which would help us to fulfil the Atmanirbhar Bharat goal of our country.
Mobile phone camera modules are produced by MEPL, a company in the electronic components sector. It reported a 21 crore revenue for FY22. In a regulatory statement, TII stated that the acquisition would be made through the secondary purchase of shares and would be finished by September 22.