Tube Investments of India has acquired 51,208 shares of its overseas subsidiary - Financiere C10 SAS, France (FC10) from the existing shareholders, representing 22.87% of FC10's share capital. FC10 is the holding company of Sedis SAS & Societe de Commercialisation de Composants Industriels, both in France and Sedis Company, UK. Pursuant to this acquisition on December 17, 2012, of the balance shares, FC10 has become a wholly-owned subsidiary of the company.
Tube Investments of India is a flagship company of the $2.4 billion Murugappa Group. It is engaged in manufacturing of precision steel tubes and strips, car doorframes, automotive and industrial chains and bicycles.
