Chennai-based Tube Investments India Limited (TII) on Wednesday said it was evaluating various options to revive its wholly-owned subsidiary Tubular Precision Products (Suzhou) Limited in China. One of the options, which the company is looking at is 100 per cent exclusive vendor arrangement.
TII managing director L Ramkumar said the company had infused around $0.8 million (around Rs 4 crore) in the subsidiary in the last fiscal taking the total investment to $8.05 million (around Rs 40.25 crore) in the last three years.
The three-year-old subsidiary that produces precision cold drawn and welded steel tubes for the automobile industry is working under loss due to increase in competition and low customer acceptance. It registered a turnover of Rs 5.33 crore and a net loss of Rs 13.01 crore for the year ended 2009.
“The depressed economic environment and the intense competition in the Chinese market have hit the company’s business. To revive the business we are looking for customers who can make us as their exclusive vendor,” he said.
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