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.
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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.
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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.