CHENNAI: Tube Investments of India (TII), a Murugappa Group company, will start manufacturing and sale of three-wheeler electric vehicles.
The board of TII has given its approval for starting the new venture with an outlay of up to Rs 200 crore. However, the company is yet to disclose when and where the facility will come up.
In another related development, the company has elected M A M Arunachalam (also known as Arun Murugappan) as the Chairman of the Board of Directors with immediate effect. Currently, he is its non-executive, non-independent director.
TII specialises in engineering, bicycles, metal formed products, and chains.
The company’s announced its third quarter result on Thursday. It has reported a profit of Rs 107 crore during the quarter ended December 31, 2020, as compared to Rs 78 crore, during the same period a year ago, an increase of 37%.
TII’s revenue for the quarter was at Rs 1,309 crore as against Rs 976 crore in the corresponding quarter of the previous year.
“TII has delivered strong results driven by the overall revival in the economy and easing of the lockdown restrictions for COVID-19. The Company is witnessing an improved performance in most of its segments and expects that this momentum is likely to continue, as the economy, which has started showing signs of revival, improves further," said the company.