Engineering company Tube Investments of India Ltd has planned to set up a greenfield precision steel tube manufacturing facility at an outlay of Rs 211 crore. The manufacturing unit to come up in western parts of the country would be funded through 'internal accruals,', the Murugappa Group company engaged in manufacturing of precision steel tubes, said. "The Board has approved the establishment of a greenfield precision steel tube manufacturing facility in Western India at an estimated cost of Rs 211 crore." the company said in a statement on Tuesday. The project will be primarily funded through internal accrual and is expected to be completed in FY2024 -25. 

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The greenfield facility is proposed to be established to manufacture multiple ranges of products, the company added. Meanwhile, Tube Investments of India reported a standalone profit after tax for the July-September 2023 quarter at Rs 181.44 crore. The company had reported a standalone PAT at Rs 142.46 crore during the corresponding quarter of last year. For the half-year ended September 30, 2023 the standalone profit after tax grew to Rs 329.13 crore, from Rs 276.78 crore registered in the same period of last year. 

The total income on a standalone basis during the quarter under review surged to Rs 2,005.38 crore, from Rs 1,920.32 crore recorded in the same period of last year. For the six-month period ended September 30, 2023, the standalone total income stood at Rs 3,807.43 crore, as against Rs 3,889.36 crore registered a year ago, the company said.