Tube Investments of India Limited was originally incorporated as TI Financial Holdings Limited on 6th October 2008 under the Companies Act, 1956, as a wholly owned subsidiary of erstwhile Tube Invest
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ments of India Limited (Demerged Company). Pursuant to the Scheme of Arrangement approved by NCLT, the Manufacturing Business Undertaking of the Demerged Company was vested in/transferred to the Company with effect from 1st August 2017, being the appointed date, 1st April 2016 and the name of the Company was changed to 'Tube Investments of India Limited'. The Company has manufacturing locations across the country and has 3 product segments namely,namely, Engineering, Metal Formed Products and Mobility.
During FY 2017, Shanthi Gears Ltd (SGL), a subsidiary of the company, renewed its focus on re-establishing itself in the market and gaining new customers.
TI Tsubamex Private Limited' (TTPL) focus during the year was in setting up the manufacturing system and establishing a vendor base for supply of castings with rough machining.
Tube Investments invested an aggregate Rs.10 Cr. in the equity share capital of TI Absolute Concepts Private Limited (TIACPL), with the joint venture partner also making an equal contribution as envisaged under the Joint Venture Agreement.
The Company's Large Diameter Tube manufacturing plant got stabilized during the FY 2017. The Company continues to invest in facilities with a view to servicing its customers in a more timely and efficient manner, modernizing its assets and aims to be the best in class. The new green-field bicycle plant at Punjab with a production capacity of 2,50,000 bicycles per month was inaugurated during the year. The Company also started construction of a new plant in Rajpura, Punjab to manufacture precision tubes.
During FY 2017-18, TTPL completed and delivered varied projects for different auto OEMs and their Tier 1 suppliers. The highlight was delivery of skin panel dies for an auto major's new project. The company was able to attract, recruit and train tool & die engineers from reputed polytechnics such as Nettur Technical Training Foundation (NTTF) and Murugappa Polytechnic.
During FY 2018, the Company had invested in the aggregate Rs. 3.75 Cr. in the equity share capital of TIACPL, with the joint venture partner also making an equal contribution as envisaged under the Joint Venture Agreement. The Company presently holds 50% of TIACPL's equity capital. Ciclo Cafes operated by TIACPL are functioning at Kotturpuram (Chennai), Hyderabad and Bengaluru.
Further, consequent to the demerger, sanctioned by the National Company Law Tribunal, Chennai vide its Order dated 17th July, 2017 and effective 1st April 2016, the Appointed Date under the Scheme of Arrangement (Demerger), Cholamandalam Investment and Finance Company Limited ceased to be an Associate of the Company, Cholamandalam MS General Insurance Company Limited ceased to be subsidiary of the Company and Cholamandalam MS Risk Services Limited ceased to be the Joint Venture of the Company.
The Company established a Global Depository Receipts ('GDR') Programme by executing a Depository Agreement on 29th January, 2018 with Bank of New York Mellon, New York, USA ('BNYM') pursuant to which BNYM acts as the Depository for the GDRs issued in respect of 42,23,460 (representing 2.25% of the Company's paid up capital) underlying equity shares of the Company allotted pursuant to the Scheme of Arrangement for Demerger between TI Financial Holdings Limited (formerly Tube Investments of India Limited - Demerged Company) and the Company (the Resulting Company).
On 9 March 2018, the Group acquired 80% shares in Great Cycles (Private) Limited and Creative Cycles (Private) Limited, bicycle and component manufacturing companies based out of Sri Lanka for a consideration of Rs.16.98 Cr. (USD 2.61 Million) and Rs.6.47 Cr. (USD 0.99 Million) respectively and accounted a capital reserve of Rs.0.38 Cr. The acquisition is part of the Group strategy for securing the backend supply chain in the mass premium and super premium segments of its bicycles business.
In 2017-18, 67 new model bicycles were launched and 60 old models were refreshed, contributing to 41% of the turnover from such new products and refreshes. Multiple innovations were introduced for the first time in the industry, notable among them being the Anti-Slip Chain and a range of ergonomic handlebars.
In FY 2019-20, 70 new model bicycles were launched, and 53 older models were refreshed. In FY 2020-21, new plant for manufacturing Opto Electronic Products and Solutions at Sri City, in Andhra Pradesh, became operational during the year. The business commenced supplies of optic solution products for Automated Driver Assisted Systems in new generation cars, to overseas customers. It acquired controlling interest in M/s. CG Power and Industrial Solutions Limited and took over its business. In 2020-21, 43 new model bicycles were launched, and 54 older models were refreshed.
In FY 2021- 22, Company formed a wholly-owned subsidiary, TI Clean Mobility Private Limited (TICMPL) on 12th February 2022 and acquired 70% stake in Cellestial E- Mobility Private Limited, a manufacturer of Electric Tractors. The assets of three-wheeler electric vehicle business were moved from the Company to TICMPL. Further, another new Company viz., M/s. Cellestial E-Trac Private Limited was incorporated as a wholly owned subsidiary on 25th February 2022. In 2021-22, 66 new model bicycles were launched, and 23 models were refreshed. It invested stake in M/s. Aerostrovilos Energy Private Limited (AEPL), a Chennai based start-up engaged in development of micro-gas turbine technology and became an associate Company with effect from 24th November 2021.
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