Tube Investments of India Ltd has approved a capital expenditure of up to ₹83 crore to enhance manufacturing capacity at its existing cold rolled steel strips (CRSS) facility in Avadi, Tamil Nadu, as it looks to meet increasing demand.
The project, which falls under the company's Engineering division, is expected to be completed in FY28. It will be primarily funded through internal accruals.
The company said the exact increase in manufacturing capacity could not be determined at this stage, as the extent of enhancement would depend on the product mix. The investment was approved by the company's board at its meeting on November 5.
Tube Investments of India, part of the Murugappa Group, operates across engineering, metal formed products and mobility, with its consolidated business also spanning electric vehicles, gears and gear products, power systems, industrial systems, semiconductors and medical products.