Tube Investments of India (TII) has entered into a Share Purchase and Shareholders' agreement for acquisition of 76% in the equity share capital of Moshine Electronics through purchase of equity shares from the promoter and other exiting shareholder of Moshine for a consideration of up to Rs 8.64 crore. Moshine is a company engaged in manufacturing and sale of camera modules for mobile phones.
The proposed acquisition by TII is in line with the intent to broaden its product and business portfolio with a view to reduce its dependence on existing revenue streams. The acquisition is expected to be completed on or before September 30, 2022, subject to satisfactory completion of the Conditions Precedents as contained in the Agreement executed between the parties.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
