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Tube Investments of India to invest in emerging tech start-ups

Thursday, 22 Jul 2021

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Murugappa Group’s engineering company Tube Investments of India (TII) will earmark a sum of Rs 25 crore for investments in start-up companies in the emerging technology space as part of its strategy to develop new revenue streams and growth opportunities.

TII plans to invest in start-ups engaged in fields of electrical vehicles, power generators, alternative fuels, environmental sustainability, energy storage systems, Internet of Things (IoT), medical devices, smartphone components, advanced driver assistance systems (ADAS) and micro-grid, among others.

At present, the proposals are at various stages of evaluation. Upon the opportunities getting finalised, the company will invest in those start-ups.

The company is looking at various start-ups which are into active, innovative and out-of-box research in areas of technology, with potential to deliver cost-effective and cleaner technological solutions and can be assimilated and integrated as part of the existing or as new lines of business of the company.

The company will be seeking shareholders’ approval for the same. The company’s board is of the opinion that it is imperative that TII participates in emerging technological trends in order to continue firmly in the growth path and improve profitability.

TII will also seek shareholders’ approval to invest Rs two crore in Watsun Infrabuild, from which the company currently sources wind/solar energy for its business requirements, under a captive power purchase agreement. With the growing demand for its products, the company has estimated an additional requirement of power, which it proposes to source through Watsun in view of the cost advantage.

The company has so far invested Rs 1.06 crore in Watsun’s share capital.

Meanwhile, TII has worked out a three-engine model of growth plan which includes organic and inorganic strategy and focus on adjacencies.