Tube Investments picks up majority stake in Moshine Electronics

Tube Investments of India, part of diversified conglomerate Murugappa Group, is diversifying its business into electronics and components segment by acquiring 76 per cent equity stake in Moshine Electronics Pvt Ltd, the company said on Thursday.

In a statement, TII said it identified electronic products and components as the growth sector, as India was a major importer of electronic items and parts.

In this connection, executed "share purchase and shareholders" agreement to acquire 76 per cent equity stake in Moshine Electronics Pvt Ltd, engaged in manufacturing of camera module for mobile phones. Moshine Electronics has a manufacturing facility in Noida.

"The acquisition would be through secondary purchase of shares for a total consideration of about Rs 8.64 crore," a company statement said here.

"Through our acquisition of Moshine Electronics Pvt Ltd., we have diversified into the electronics components ecosystem which will enable us to fulfil the Atmanirbhar Bharat vision of the country," company chairman M A M Arunachalam said in the statement.