Mumbai:
Tata Motors has formed a 50:50 joint venture with
Jayem Automotives
to develop special performance vehicles.
Tata Group chairman emeritus
Ratan Tata has a personal investment in the Coimbatore-based automobile development and design firm. Special performance vehicles are high-speed cars, like sports cars, but not strictly racing cars. Jayem Automotives was in the spotlight after former Tata Group chairman
Cyrus Mistry, who is in a legal battle with Ratan Tata, stated in an affidavit filed with the
National Company Law Tribunal
that the latter pushed for business deals with companies in which he has personal investments.
On Friday, Tata Motors said that the joint venture company, JT Special Vehicles, will bring out sports cars. Jayem Automotives is best known for developing the MRF2000, a Formula racing car. The partnership with Jayem Automotives comes weeks after Tata Motors unveiled
TAMO Racemo, a sports car, at the Geneva International Motor Show, held earlier this month.The Mumbai-based company intends to launch
Racemo
in the market this fiscal.
“This partnership (with Jayem) is a step towards creating long-term relationships as part of our transformation journey and to bring more exciting performance variants to our product range,” said Tata Motors MD Guenter Butschek in a statement.
JT Special Vehicles will develop a range of performance vehicles in a phased manner at a dedicated line, currently being explored at Coimbatore
Reeba Zachariah is assistant corporate editor at The Times of Ind...
Read MoreReeba Zachariah is assistant corporate editor at The Times of India, Mumbai. She has been covering large Indian business houses such as the Tata Group. She also reports on a host of sectors like hospitality, retail, travel, liquor and consumer durables. She has been writing on mergers and acquisitions and private equity.
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