ManagementMurugappa group to invest Rs 586 cr in group firms
The Chennai-based Murugappa grorup, which crossed Rs 15,500 crore in turnover, is planning to invest Rs Rs 586 crore in 2009-10 through its group companies.
Speaking to reporters today at Chennai A Vellayan, vice chairman, Murugappa Group said that the the company had invested Rs 850 crore in 2008-09 and planning to invest Rs 586 crore in 2009-10.
Commenting about the group"s result Vellayan said company"s net profit increased to Rs 1,482 crore in 2008-09 as compared to Rs 585 crore, a year ago. He noted, 2008-09 profit include Rs 750 crore revenue by selling group company"s 47 per cent stake in Parryware Roca Pvt Ltd last year.
The Group"s turnover increased by 63.3 per cent to Rs 15, 646 crore as compared to Rs 9,582 crore, a year ago.
Vellayan added, in 2009-10 the company would look at strengthening its agri-business by acquiring new Tea estates in North East and will increase its sugar business. He added, the group"s diversification, through TI Metal Forming is a significant strategy considering that more than 30 per cent of the sales for this division is estimated to come from the Railways vertical in 2009-10.