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Home arrow News arrow Business News arrow Murugappa Group celebrates the completion of 60 years of Tube Investments
Murugappa Group celebrates the completion of 60 years of Tube Investments Print E-mail
Written by Vivek   
Wednesday, 23 September 2009
Chennai: At a function held to celebrate the completion of 60 years of Tube Investments of India Ltd (TII), part of the $3 billion Murugappa Group, union Home Minister P. Chidambaram described how the group had evolved and it's success as a family-run business.

"TII has evolved from being just a bicycle maufacturer to making precision steel tubing, transmission chains, and metal formed components to serve the automotive and engineering industry. We do this through partnerships with all our stakeholders," said M M Murugappan, Chairman, Tube Investments of India.

P Chidambaram, M M Murugappan, L Ramkumar, M A Alagappan, R C Bhargava"Tube Investments was the first major industry that the Murugappa Group started immediately after independence. Our elders had foreseen that in independent India there would be a great need to provide transportation at a reasonable price. They were confident enough about the big demand for bicycles in this country to put up the first factory sixty years ago,," said M A Alagappan, Chairman, Murugappa Group.

Tube Investments of India consists of TI Cycles of India, Tube Products of India, TI Metal Forming (including Chains).

"Today, Tube Investments has built a robust organisation in all its lines of businesses. It is with pride that we can say that we are number one in India in Cold Drawn Welded Tubing, Motorcycle chains and in automobile door frames. We have been among the leaders in the Cycles business and continue to be so. We are today the number two in terms of volumes. However, in terms of product offerings and in terms of promoting Cycling we are the leader in the country," he said.

Shri. Chidambaram said that engineering industries in India have the ability and capacity to sustitute imports of high-technology products by absorbing new technology and manufacturing advanced technology products. He said that he would like to see import substitution of high technology products in the defence sector as well, with a larger participation of the domestic private sector.

R.C. Bhargava, Chairman, Maruti Suzuki Ltd, who was present on the occassion, said that Tube Investments developed various products for the company, enabling it to avoid imports.

Shri. M A Alagappan said that the group had the confidence that every business of Tube Investments will continue to grow at atleast twice the pace of the GDP in the years ahead.

The minister commended the group for stating its desire to grow at twice the pace of the nation's GDP.

 
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