Tube Investments of India Limited a part of the USD 2.4 billion Murugappa Group has chalked out capital expenditure plans of INR 75 crore this year in order to modernize & expand capacities in existing plants and revamp its whole range of products by next year.
TI Metal Forming will set up a new plant at Sanand in Gujarat to manufacture TATA Nano's door frames with an investment of around INR 30 crore.
Mr L. Ramkumar MD of TII said that the funding for the proposed investment plans will be from internal accruals. Reducing its dependence on auto companies, TII will bring out a host of new products and is actively considering the manufacture of high value industrial chains, aluminium, stainless steel & titanium based tubes, boilers, aluminium and carbon fibre-based bicycles etc. With this the company will be expanding to other sectors such as railways, energy, power transmission solutions and infrastructure sectors.
Mr Ramkumar also said that the company was open to domestic and international acquisitions and collaborations.
(Sourced from http://www.steelguru.com/news/index/2009/09/09/MTEwODU4/Tube_Investments_chalks_out_INR_75_crore_CAPEX_plans.html)
Tuesday, September 8, 2009
Tube Investments chalks out INR 75 crore CAPEX plans
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