Tata Motors shuts down performance car joint venture with Jayem Auto

Less than three years after setting up the joint venture Tata Motors has purchased the stake of its partner before shutting down the joint venture company that specialised in creating performance-oriented, low volume versions of its existing models.

JT Special Vehicles, a 50-50 joint venture company between Tata Motors and Coimbatore-based Jayem Automotives - founded by former race car driver J Anand, was set up in March 2017. The vehicles were sold under the ‘JTP’ brand

Tata Motors has informed the stock exchanges that it has signed an agreement to purchase the 50 percent shareholding of Jayem Automotives in JT Special Vehicles (JTSV). Further to this announcement, JTSV will become a wholly owned subsidiary of Tata Motors, following the completion of the procedural requirements.

“The passenger car industry witnessed a challenging FY19-20, exacerbated with mandatory change in regulations and the current COVID-19 pandemic, which has impacted the demand in this niche category of vehicles. In light of this ongoing scenario, both Tata Motors and Jayem Automotives found it prudent to discontinue this venture”, said Tata Motors in a statement.