Companies

Tube Investments to buy 25% in Aerostrovilos Energy for ₹3.46 cr

Our Bureau Chennai | Updated on November 10, 2021

The start-up being acquired is engaged in the development of gas turbine technology

Murugappa Group’s engineering company Tube Investments of India Ltd (TII) plans to acquire 25 per cent in Aerostrovilos Energy Pvt Ltd (AEPL), a four-year-old start-up engaged in the development of gas turbine technology, at an investment of ₹3.46 crore.

Also read: Chennai start-up makes gas turbine-battery combo for trucks

TII has signed an agreement with AEPL to purchase 4,151 equity shares at ₹8,335.48 per share (face value ₹10 per share) for a sum of ₹3.46 crore.

Also read: Murugappa firm TII all charged up for electric three-wheeler foray

The proposed investment is in line with the company’s intent to invest in start-ups engaged in innovative research and product development in fields/activities of interest to TII, said a company statement.

Published on November 10, 2021

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