Tube Investments of India (TIL) has signed shares’ Subscription Agreement with Aerostrovilos Energy (AEPL) and its promoters; and shareholders Agreement with AEPL, its promoters and existing shareholders, in connection with the making of a strategic investment by the company, by way of subscription, to 4,151 equity shares of AEPL to be issued to the company, for an aggregate sum not exceeding Rs 3.46 crore, constituting 25% of the equity share capital of AEPL, subject to satisfactory completion of the Conditions Precedents.
AEPL is a start-up company engaged in the development of micro gas turbine technology for power generator and automotive application. The proposed investment is in line with the company’s intent to invest in start-ups engaged in innovative research and product development in fields/activities of interest to the company.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
