Tube Investments of India Ltd plans to set up a greenfield facility for precision steel tube manufacturing. With a budget of $28 million, the unit will be located in western India and is expected to be operational by FY2024-25. The project aims to expand the company's range of products.
Engineering company Tube Investments of India Ltd has announced an ambitious plan: the establishment of a greenfield precision steel tube manufacturing facility. This move comes with an investment of $28 million and aims to widen the company's portfolio with various new products.
The company revealed that the investment will be primarily funded through internal accruals. During the quarter under review, Tube Investments reported a total income of $267 million, a marked increase from $255 million recorded during the same period last year.
Set to be built in the western regions of India, the manufacturing unit is expected to be up and running by the fiscal year 2024-25. The Murugappa Group company has specialized in the manufacturing of precision steel tubes for some time now, and this new addition aims to bolster their capabilities further.
The new facility aims to be versatile, designed to manufacture a multiple range of products. Although the specifics have not been divulged, the greenfield facility is anticipated to be a game-changer for the company as well as the steel manufacturing sector in India.
The Board of Tube Investments has given its nod for the project, signifying full institutional support. In their statement, the company outlined that the greenfield facility has been approved and is expected to play a major role in their future growth.
The creation of this new facility not only expands Tube Investments' portfolio but also positions it as a leader in precision steel tubing. It's a signal to the market that Tube Investments is looking to innovate and grow, despite economic challenges.
The planned greenfield facility by Tube Investments of India Ltd is a significant step forward for the company and the industry. With a focus on expanding its range of products and a sizable investment of $28 million, the new manufacturing unit is poised to make a lasting impact on the precision steel tubing market.