TII Commits ₹211 Crore Investment in Pune Greenfield Unit for Precision Steel Tubes

Tube Investments of India Ltd. (TII), an engineering firm under the Murugappa Group, has unveiled plans to invest ₹211 crore in the construction of a brand-new manufacturing facility near Pune, dedicated to the production of precision steel tubes.

In an official statement, the company expressed its strategic intent, stating, "With a view to augment capability and to enhance serviceability to the customers in different regions, the Board has approved establishment of a greenfield precision steel tube manufacturing facility."

The funding for this ambitious project will primarily come from internal accruals, and the expected completion timeline is set for the fiscal year 2025.

The proposed greenfield facility is designed to cater to a diverse range of products, making it challenging to determine the exact manufacturing capacity at this stage.

Furthermore, K R Srinivasan, currently serving as the President and Whole-Time Director, has been re-appointed to continue in his role from November 11, 2023, until June 30, 2024. This appointment reaffirms the company's commitment to strong leadership during this period of expansion and innovation.

HBL