Firm to seek shareholder nod at AGM
Tube Investments of India Ltd. (TII) is planning to support start-ups involved in innovative research and product development.
The Murugappa Group company is mulling investment up to ₹25 crore and would seek shareholders’ approval at the ensuing 13th AGM, the company said in a regulatory filing.
The investment would be made in start-ups engaged in innovative research and product development in fields or activities of interest to the company, TII said.
While interacting with analysts in February, managing director Vellayan Subbiah had said that TII would be adopting a three-pronged strategy to protect itself from the cyclical nature of the auto sector.
While TI-1 referred to existing divisions, TI-2 pointed to a venture capital-led approach to growth such as expansion into optic lenses and electric three-wheelers, and TI-3 to growth through acquisitions such as CG Power.
Besides, he also announced TII’s maiden foray into electric three-wheelers at an outlay of ₹200 crore, with design and technology from a Korean firm.
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