Tube Investments of India is reportedly planning to spend Rs 77 crore for setting up a new precision tubes manufacturing unit at Rajpura in Punjab. Under its engineering division, the company has been making precision steel tubes (CDW) for applications such as front forks, side impact beams and steering columns in automotive segment, which accounts for about 80 per cent of the engineering segment’s revenues.
The company is a market leader in CDW tubes for two-wheelers and four-wheelers with a 56 per cent market share. Tubes exports have also been growing strongly for the company.
Tube Investments of India is the flagship company of the Murugappa Group with multiple businesses ranging from diversified auto-ancillary products, bicycle retailing to financial services and insurance.