Tube Investments of India Ltd diversifies into electronics and components business

Tube Investments of India Limited ("The Company") has recently diversified into manufacturing electric vehicles in line with its long-term business growth plans and create multiple lines of new business and revenue streams to maintain its growth trajectory.

The Company has identified electronic products and components as a growth vector. India is a major importer of electronic items and parts. Recent policy initiatives from the Government of India offering Production Linked Incentives and Phased Manufacturing Programs is expected to boost indigenization of this growing segment.

Acquisition of controlling stake in Moshine Electronics Private Limited (MEPL) The Company has executed Share Purchase and Shareholders' Agreement to acquire 76% equity stake in MEPL, a company manufacturing camera module for mobile phones. The acquisition would be through secondary purchase of shares for a total consideration of about Rs. 8.64 Cr. MEPL has its manufacturing facility in Noida.

Commenting on the acquisition, Mr. M.A.M Arunachalam (known as Arun Murugappan), Chairman of the Company said, "through our acquisition of Moshine Electronics Private Limited, we have diversified into the electronics components ecosystem which will enable us to fulfil the Atmanirbhar Bharat vision of our country".

Shares of Tube Investments of India Limited was last trading in BSE at Rs. 2192.10 as compared to the previous close of Rs. 2194.40. The total number of shares traded during the day was 32337 in over 5531 trades.

The stock hit an intraday high of Rs. 2359.95 and intraday low of 2170.00. The net turnover during the day was Rs. 73327481.00.

Source : Equity Bulls

Keywords

TubeInvestmentsofIndia INE974X01010 Diversification Electronics Components Business