The Rs 38,000-crore Murugappa Group is planning to foray into complete automobile manufacturing through its group company Tube Investments of India (TII).
TII Board has given a nod to the company to get into manufacturing and sale of three-wheeled electric vehicles with an outlay of up to Rs 200 crore.
The company did not disclose other details, including where the facility will come up and when that will happen.
TII's foray into complete auto manufacturing will also mark the Murugappa Group foray into complete automobile manufacturing.
Murugappa Group has interest in agriculture, chemicals, engineering, finance and others.
TII, one of the Murugappa Group companies, specialises in engineering, bicycles, metal formed products, and chains.
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