Latest News | Tata Motors to Buy Jayem Automotives' Stake in Joint Venture JT Special Vehicles
Get latest articles and stories on Latest News at LatestLY. Tata Motors on Saturday said it is buying out its partner Jayem Automotives in their joint venture JT Special Vehicles Pvt Ltd that develops high performance vehicles.
New Delhi, Jun 13 (PTI) Tata Motors on Saturday said it is buying out its partner Jayem Automotives in their joint venture JT Special Vehicles Pvt Ltd that develops high performance vehicles.
The company has inked a pact to acquire 50 per cent stake of Jayem Automotives in JT Special Vehicles Pvt Ltd (JTSV), Tata Motors said in a statement.
JTSV will become a wholly-owned subsidiary of the auto major after completion of the procedural requirements, it added.
It was formed in 2017 as a 50:50 joint venture between Tata Motors and Coimbatore-based Jayem Automotives to develop high performance versions of Tata passenger cars under the JTP brand.
The Tiago JTP and Tigor JTP were launched in 2018 as part of the collaboration.
However, with mandatory changes in regulations and subsequent coronavirus pandemic, demand for the niche vehicles declined, Tata Motors said.
"In light of this ongoing scenario, both Tata Motors and Jayem Automotives found it prudent to discontinue this venture," it noted.
The company will continue to provide all requisite support and service to customers and users of Tiago JTP and Tigor JTP cars at its select dealerships, ensuring hassle free ownership, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)