Tube Investments of India (TII) has entered into an agreement with N. Govindarajan (NG) to incorporate a subsidiary for pursuing the Contract Development and Manufacturing Operations (CDMO) business, subject to the approval of the Shareholders of TII. The company is planning to invest up to Rs 285 crore and NG will be investing up to Rs 15 crore in the form of equity and compulsorily convertible preference shares.
The company is looking at new platforms to complement the existing businesses for its future growth as part of its long term strategy and has identified CDMO as a new line of business with the potential to grow and expand in the future.
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.
