Tube Investments of India (TI), a part of the Chennai-based $3 billion Murugappa Group, is planning to invest around Rs. 75 crore in its various units.
Addressing a press conference here on Friday, L. Ramkumar, Managing Director, TI, said the proposed capital expenditure would be used for revamping its whole range of products by 2010.
This was planned as part of the company’s growth strategy. The investment would be met through internal accruals. Mr. Ramkumar said TI, which also makes tube products, had a market share of 60 per cent in cold draw welded precision tubes. It catered to all major OEMs in two-wheeler, four-wheeler and commercial vehicle segments. The company is now planning to diversify into infrastructure and energy industries. It was also open for acquisitions both in the domestic and foreign markets for technology and for operation purposes, he added.
TI Metal, a unit of TI, which was a supplier for auto majors including Maruti, Tata, General Motors and Hyundai, was also setting up a plant at Sanand in Gujarat to cater to Tata’s Nano with an investment of around Rs. 30 crore. The company was also expanding its capacity for supply to railways.