TII to invest Rs 25 crore in new technology start-ups

TII recorded a 74% rise in its net profit at Rs 129 crore for the fourth quarter of FY21 as against Rs 74 crore in the corresponding quarter of the previous year.

By:July 10, 2021 10:08 AM

 

Tube Investments of India (TII), part of the Murugappa Group, said on Friday that its board of directors has approved investments in start-ups engaged in innovative research and product development in new technologies. TII will invest Rs 25 crore in start-ups in the fields and activities of interest to the company. TII specialises in engineering, bicycles, metal-formed products and chains. It had early this year announced plans to foray into manufacturing electric three-wheelers. Recently, the TII management told analysts it has planned a capital expenditure (capex) of Rs 200 crore to Rs 250 crore for FY22, of which a major chunk will be towards the proposed three-wheeler electric vehicle project. It said this year will be a period of consolidation of existing businesses, especially after the acquisition of CG Power and Industrial Solutions.

TII recorded a 74% rise in its net profit at Rs 129 crore for the fourth quarter of FY21 as against Rs 74 crore in the corresponding quarter of the previous year. The company’s revenue for the quarter was at Rs 1,480 crore as against Rs 935 crore in the previous year, registering a growth of 58%. The board had previously approved fresh long-term borrowing of Rs 200 crore to meet the company’s fund needs during FY22, including by way of issue of privately placed secured non-convertible debentures, in one or more tranches.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Auto News