Tube Investments of India has invested Rs 7.5 crore on November 28, 2016, towards subscription to the equity share capital of TI Absolute Concepts (TI Absolute) and the company has been allotted 75,00,000 equity shares of the face value of Rs 10 each, at par, by TI Absolute. The company now holds 50% of the equity share capital of TI Absolute, with the balance 50% being held by the company’s JV partner.
Earlier, in September, the company had inked a Joint Venture Agreement (JVA) with Absolute Speciality Foods Chennai (Absolute) for the establishment of a joint venture company ‘TI Absolute’.
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.
