Murugappa group invested Rs 648.9 cr for acquisitions, new ventures in FY23
Last fiscal, the group had announced investments of about Rs 648.9 crore for acquisitions and new ventures.
Representative Image
CHENNAI: In a fiscal of acquisitions and venturing into new areas, the city-based conglomerate Murugappa Group had posted 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, CG Power and Industrial Solutions, Cholamandalam Financial Holdings, EID Parry (India), Shanthi Gears, Tube Investments of India and Wendt (India).
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.
ii) a 30.04 per cent additional stake in Cellestial E-Mobility Private Limited (‘Cellestial’) for a consideration of Rs 50.9 crore. Cellestial is a startup company engaged in design and development of electric tractors. TICMPL owned 69.96 per cent in Cellestial before the additional stake purchase. With this transaction, Cellestial has become a 100 per cent subsidiary of TICMPL.
On its own, Tube Investments of India acquired:
* 50 per cent stake in X2Fuels and Energy Private Limited (X2Fuels) for an investment of Rs 6.15 crore. X2Fuels is a startup company engaged in developing processes to convert waste to liquid/solid fuels;
* 76 per cent stake in Moshine Electronics Private Limited (Moshine), for a consideration of Rs 7.38 crore. Moshine is a company engaged in manufacturing and sale of camera modules for mobile phones.
Tube Investments of lndia also formed a subsidiary for pursuing the CDMO business investing up to Rs 285 crore. It acquired 67 per cent stake for Rs.233 crore in Lotus. Similarly Dare Ventures, a corporate venture capital arm of Coromandel International, has invested:
* Rs 10 crore in Ecozen Solutions., a climate-smart deep tech start-up.
* Rs16.5 crore in String Bio Private Ltd. (String Bio), a Bengaluru based biotech start-up.
* Rs 40 crore in Dhaksha Unmanned Systems Pvt Ltd (Dhaksha), in two tranches of Rs 20 crore each.