In a fiscal of acquisitions and venturing into new areas, the city based conglomerate Murugappa Group had posed 35.8 per cent growth in turnover and 24 per cent growth in after tax profits. Last fiscal the group had announced investments of about Rs 648.9 crore for acquisitions and new ventures.
According to the Murugappa Group, it had logged a turnover of Rs 74,220 crore (previous year Rs 54,648 crore) and a profit after tax of Rs 6,846 crore (Rs 5,520 crore).
The Group has 29 businesses, including several listed and unlisted companies like Carborundum Universal Ltd., CG Power and Industrial Solutions Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and Finance Company Ltd., Coromandel International Ltd., E.I.D. Parry (India) Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd., Coromandel Engineering Company Ltd., Cholamandalam MS General Insurance Company Ltd., Parry Agro Industries Ltd and others.
During the year under review Tube Investments of India Limited, through its 100 per cent subsidiary Tl Clean Mobility Private Limited (TICMPL), has acquired:
i) a 65.2 per cent stake in IPLTech Electric private Limited (‘IPLT’) with an investment of Rs 246 crore. IPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles.
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