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Tube Investments signs joint venture with Absolute Speciality

Press Trust of India  |  Chennai 

: of India, a Murugappa Group company, has signed a joint venture agreement with Absolute Speciality Foods, for establishment of a new firm TI Absolute Concepts Pvt Ltd, the city-based company said today.

"in pursuant to the Joint Venture Agreement has invested Rs 7.50 crore towards subscription of equity share capital of TI Absolute and the company has been alloted 75 lakh equity of face value of Rs 10 each," said in a filing.

Following the joint venture agreement, the company now holds 50 per cent stake of equity share capital in TI Absolute while the remaining 50 per cent was with Absolute Speciality Foods, it said.

of the company were trading at Rs 582 a piece downby 0.83 per cent over previous close in afternoon

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 16:42 IST