Tata Motors Ltd. (TML) has signed an agreement to purchase the fifty per cent shareholding of Jayem Automotives in JT Distinctive Autos Pvt. Ltd. (JTSV). 1 critical cause attributed was Covid-19 impact.
JTSV will become a wholly owned subsidiary of Tata Motors, next the completion of the procedural demands.
JTSV was shaped in 2017 as a fifty:fifty joint undertaking involving Tata Motors Ltd. and Coimbatore-primarily based Jayem Automotives to create significant efficiency versions of TML passenger automobiles under the ‘JTP’ Manufacturer under which Tiago JTP and Tigor JTP have been launched in 2018.
The passenger motor vehicle marketplace witnessed a hard FY19-twenty, exacerbated with obligatory adjust in regulations and the recent Covid-19 pandemic, which has impacted the desire in this specialized niche category of vehicles.
In light of this ongoing scenario, both equally Tata Motors and Jayem Automotives uncovered it prudent to discontinue this undertaking.
Tata Motors will continue on to deliver all requisite help and assistance to buyers and people of Tiago JTP and Tigor JTP automobiles at its pick out dealerships, ensuring problem totally free possession.
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