Tube Investments to float new firm

Tube Investments of India Ltd (TII), part of the Murugappa Group, is planning to to float a new entity along with a Japanese partner which will be auto ancillary company specialising in design and tooling. TII has said it is evaluating the leads, and there would be “some kind of a concrete plan” in a year’s time. TII chief financial officer K Balasubramanian on Monday said Japanese firms had been in touch with his company for the last two years. “In terms of tooling design, there are a lot of Japanese companies who want associate with TII as a part of their joint venture programme,” he noted, addressing analysts. “There are auto ancillary companies who specialise in design and tooling and are very keen to associate with us. Every month we are getting two or three leads which we are exploring opportunities to form a JV (joint venture).”