Tube Investments of India (TII) Ltd, a part of the over $3-billion Murugappa Group, has decided to expand its business by diversifying into new areas, introducing new products, expanding its dealer network and new acquisitions.
TII managing director L Ramkumar announced the company’s plans on the occasion of its 60th anniversary on Friday. He told newsmen: “Our dependability on the auto sector will be brought down sharply to 35%, against over 50% now. We will bring out new products under bicycles, chains, metal frames and tubes with the latest technology. The company would also consider manufacture of boilers, stainless steel, titanium-based tubes, aluminium and carbon fibre-based bicycles, high-value industrial chains, new fitness equipment and e-scooters among a host of products.”
He said being the second-largest manufacturer of bicycles with a 30% market share in India, the company plans to promote cycling by showcasing its products at tourist destinations and other important places across the country.
With a 30% market share in the two-wheeler market and 41% share in industrial segment, the company also plans to get into power transmission solutions, non-auto sectors and enhancing export growth.