Tube Investments of India (TII), part of the Rs 54,722-crore Murugappa Group, announced its foray into the pharma sector. It will engage in contract manufacturing, research and development of active pharmaceutical ingredients (API). 

TII has identified contract development and manufacturing organisation (CDMO) and active pharmaceutical ingredients (API) as its new line of business.

TII will incorporate a new subsidiary for the establishment of CDMO business and it will focus on API and other products. The company proposes to invest up to Rs 285 crore into this subsidiary in the form of equity and compulsorily convertible preference shares in tranches. N Govindarajan, former MD of Aurobindo Pharma and a well-recognised industry professional, has been roped in to form the subsidiary.

The company has been focusing to diversify its business by identifying new growth opportunities and has recently entered into clean mobility, electronics and alternate fuels.