The green field manufacturing facility to produce large diameter tubes in Tamil Nadu set up by Tube Investments of India, part of the diversified business conglomerate, a Murugappa Group would be commissioned during the current financial year.
"The greenfield venture for manufacture of large diameter tubes at Thiruthani (in Tamil Nadu) was almost complete and would be commissioned during the current year.." Tube Investments of India said in a BSE filing.
Upon commissioning the facility, the company would consolidate its capabilities to address new market segments and business opportunities, Chairman, Tube Investments of India, M M Murugappan said.
On the performance of the company, he said the 2013-14 financial year was another challenging year for the company due to continued prevalence of various adverse economic factors.
The results for the first quarter of current financial year (2014-15) made it evident about the encouraging trends being witnessed in the markets for the company's businesses, he said.
Tube Investments of India, reported a consolidated net profit of Rs 89.52 crore in the first quarter of this fiscal, an increase of 10.8 per cent.
It had clocked consolidated net profits at Rs 80.74 crore during the corresponding period of previous year. For the financial year ending March 31, 2014 the net profits stood at Rs 311.31 crore.
The Chairman informed the members that the company remains on course in terms of its strategic direction, aiming for greater levels of achievement and further growth in the coming years.
Shares of the company were trading at Rs 297.90 apiece, up 5.98 per cent over previous close in afternoon BSE.