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| Tube Investments of India to invest Rs 75 crore |
| BS Reporter / Chennai Sep 05, 2009, 00:06 IST |
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Tube Investments of India (TII), part of the Chennai-based Murugappa Group, is planning to invest Rs 75 crore in its various units.
Speaking to reporters here on Friday, L Ramkumar, managing director, TII, said the company was completing 60 years of operations and as part of the growth strategy was now looking at revamping the entire range of products by 2010. The proposed investment would be met through internal accruals.
TI Cycles of India, a unit of TII, is planning to increase its 101 exclusive branded showrooms and 322 shop-in-shops to 450 by March 2010, of which 125 will be exclusive, said D Raghuram, president – Bicycles and fitness, TI Cycles of India.
The company sold over three million bicycles in 2008-09 and increased its market share by 30 per cent. The cycle industry is expected to be around Rs 3,000 crore in the country.
Speaking about BSA Motors, which sells electric scooter, he said the company currently had 60 exclusive outlets in 48 cities across nine states. This would be increased to 120 outlets in 12 states by March 2010. It is also looking at introducing new products with advanced motor/ controller technology.
Speaking about TI India, which manufactures tube products, Ramkumar said, “Traditionally, we were focusing on automobile, now we are planning to diversify into infrastructure and energy industries,” said Ramkuar.
The company is also open to acquisitions in both domestic and foreign markets, he added.
TI Metal Forming, which is a supplier for auto majors including Maruti, Tata, General Motors and Hyundai, is setting up a plant at Sanand in Gujarat to cater to Tata’s Nano with an investment of around Rs 30 crore.
TI Metal is also expanding its capacity for supply to railways. “We want to increase our turnover from railways to Rs 180 crore from Rs 90 crore,” he added.
TI Cycles to offer risk cover
TI Cycles is planning to offer insurance cover for its customers, said Raghuram. The company would offer the cover through its group company Cholamandalam MS General Insurance, in which TII is one of the promoters. The cover would be offered to cycles, which are less than Rs 3,000. The company would offer personal accident and theft covers for a premium of Rs 75-100.
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