Tube Investments of India has on June 4, divested its entire shareholding in joint venture (JV) company -- TI Absolute Concepts (TIACPL), in favour of Absolute Speciality Foods Chennai (Absolute Speciality Foods) viz, the joint venture partner. Thus, TIACPL has ceased to be the company’s joint venture company.
TIACPL was an equal ratio joint venture company with Absolute Speciality Foods for establishing theme based restaurants with bicycle retail outlet through TIACPL. The revenue of TIACPL was impacted due to regulatory environment relating to Food & Beverage industry in the recent times.
Tube Investments of India is engaged in the business of cycles and accessories; steel strips and tubes, and metal formed products. The company operates through three segments: Cycles and Accessories, Engineering and Metal Formed Products.
