City-based Jayem Automotives Pvt. Ltd has formed a new technology company to develop electric drive systems for the industry. The new company, with expertise in design and development, will create powertrains, battery packs and associated solutions in passenger and commercial vehicle space, Jayem Automotives Managing Director J Anand said in a release.
Ratan Tata had given Jayem Automotives Rs 10 crore in February last year to initiate early development of electric cars, which was held as preference shares by Jayem, he said.
As business grew it was considered worthwhile to form a separate technology company along with Jayem Automotives to develop electric drive systems for the industry and Tata's monetary contribution was transferred to that company, the name of which is yet to be revealed.
Jayem Automotives, therefore as of date does not hold any monetary contribution from Tata, Anand said. Jayem is a new age automotive company with expertise in design, development, prototyping, and production of exciting performance variants of automobiles.
Jayem works with world's top companies and cutting-edge technologies spread across the spectrum of high-performance automobiles, engines for the space sector and special performance engines. Its associate motorsport company manufactures one of the fastest Formula racing cars for MRF in Asia with Jayem's assistance.
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