Tube Investments of India Limited
Indian engineering and manufacturing company active in bicycles, metal forming, tubes, chains, mobility and emerging healthcare businesses.
Last updated August 26, 2026
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Overview
Tube Investments of India Limited is an Indian engineering and manufacturing company headquartered in Chennai and associated with the Murugappa Group. Its present business portfolio grew from a post-war industrial joint venture established in 1949 as TI Cycles of India Limited, created with Tube Investments Limited of the United Kingdom. Over time, the company expanded beyond bicycles into steel tubes, industrial and automotive chains, precision metal forming, gears, electric commercial vehicles, medical consumables and pharmaceutical contract development and manufacturing. The company’s early industrial identity was shaped by international technical collaborations. In 1949, its bicycle business was established with the British Tube Investments group. A second major collaboration followed in 1955, when Tube Products of India was created with Tube Products (Old Bury) Limited to manufacture electric-resistance-welded and cold-drawn welded steel tubes. In 1960, the group added chain and related engineering activities through associations with Diamond Chain Company of the United States and Miller of the United Kingdom. TI Metal Forming was established in 1965, broadening the company’s capabilities into formed metal components for vehicles and industrial equipment. Its businesses include TI Cycles of India, Tube Products of India, TI Diamond Chains, TI Metal Forming, Shanthi Gears, BSA Motors and TI TMT Macho. TI Cycles manufactures and markets bicycles under brands such as Hercules, BSA, Philips, Montra, Roadeo and Track & Trail, and has also developed an organized retail and distribution platform for premium and international bicycle brands in India. Tube Products of India supplies steel tubes for industrial and automotive applications, while TI Diamond Chains serves industrial, automotive and fine-blanking markets. TI Metal Forming produces components including door-frame parts, window channels, guide rails, side-impact beams, starter-motor casings and railway-related sections. The company has pursued growth through acquisitions as well as organic manufacturing expansion. It acquired Press Metal Corporation in 1990, and businesses connected with chains and steel tubes were added during the 1990s. In 2001, it acquired Cholamandalam Investment and Finance Company and helped establish Cholamandalam MS General Insurance, although those financial-services activities are distinct from the company’s core engineering operations. In 2010, it acquired French chain manufacturer Sedis, giving the group a broader European presence. In 2012, Tube Investments acquired a controlling interest in Shanthi Gears, a Coimbatore-based manufacturer of industrial gears. A large-diameter tubing plant was inaugurated in 2014. More recently, Tube Investments has invested in electric mobility and healthcare. TI Clean Mobility Private Limited, a wholly owned subsidiary, developed the Montra Electric brand for electric three-wheelers and other commercial vehicles. Its activities address passenger mobility, cargo transport and last-mile logistics, with later expansion into heavier electric trucks. In 2023, Tube Investments and Premji Invest jointly acquired Lotus Surgicals; Tube Investments took the majority interest and the business was renamed TI Medical. The company also established 3xper Innoventure in 2023 to pursue contract development and manufacturing of active pharmaceutical ingredients. Tube Investments is therefore best understood as a diversified industrial platform rather than a single-product brand. Its positioning combines manufacturing scale, engineering know-how, joint-venture heritage, acquisition-led expansion and participation in selected growth sectors such as electric commercial mobility and healthcare manufacturing.
History
Tube Investments of India originated in 1949 as TI Cycles of India Limited, a joint venture involving the Murugappa Group and Tube Investments Limited of the United Kingdom. Its initial focus was bicycle manufacturing, establishing an industrial base that later supported several consumer bicycle brands in India. In 1955, the company broadened its manufacturing scope through the establishment of Tube Products of India in collaboration with Tube Products (Old Bury) Limited of the United Kingdom. The new business produced electric-resistance-welded and cold-drawn welded steel tubes. This move positioned the company to serve industrial and automotive customers rather than relying only on consumer bicycles. Further diversification took place in 1960, when the company established TI Diamond Chains with Diamond Chain Company of the United States and TI Miller with Miller of the United Kingdom. TI Metal Forming followed in 1965. These businesses created capabilities in chains, formed metal parts and related engineering products. During the 1990s, Tube Investments expanded by acquiring Press Metal Corporation in 1990, adding Satavahana Chains through TIDC in 1993, and acquiring Steel Strips and Tubes Limited through Tube Products of India in 1999. The company entered financial services in 2001 by acquiring Cholamandalam Investment and Finance Company and establishing Cholamandalam MS General Insurance. These activities reflected the wider Murugappa Group’s diversification, although Tube Investments continued to retain a substantial engineering and manufacturing identity. International and industrial expansion continued in the following decade. In 2010, Tube Investments acquired Sedis, a French chain producer. In 2012, it bought a 44.12 percent controlling stake in Shanthi Gears, strengthening its position in industrial gear manufacturing. A large-diameter tubing plant was inaugurated in 2014, adding capacity for larger tube applications. The company’s bicycle platform includes TI Cycles of India and brands such as Hercules, BSA, Philips, Montra and Roadeo. Through Track & Trail, it also developed a channel for premium cycling products and international bicycle brands in India. Bicycle manufacturing facilities are located in several Indian states, including Tamil Nadu, Maharashtra, Uttar Pradesh and Punjab. In the 2020s, Tube Investments began emphasizing new-energy mobility and healthcare-related manufacturing. TI Clean Mobility Private Limited was established as a wholly owned subsidiary, and its Montra Electric brand entered electric three-wheelers for passenger and cargo use. The mobility platform later included heavier electric trucks aimed at logistics, mining, port and other commercial applications. In 2023, Tube Investments joined Premji Invest in acquiring Lotus Surgicals, taking the majority stake and renaming the company TI Medical. It also established 3xper Innoventure to develop contract development and manufacturing capabilities for active pharmaceutical ingredients. The resulting organization is a multi-business industrial group with roots in bicycles but a much broader present-day portfolio spanning steel processing, chains, formed metal components, gears, electric commercial mobility, medical consumables and pharmaceutical services.
- 2023
Lotus Surgicals is acquired and renamed TI Medical
[1]Tube Investments takes a majority interest in Lotus Surgicals in a joint acquisition with Premji Invest.
- 2023
3xper Innoventure is established
[1]The company creates a subsidiary focused on contract development and manufacturing of active pharmaceutical ingredients.
- 2022
TI Clean Mobility becomes a wholly owned subsidiary
[1]The subsidiary develops the Montra Electric business for electric commercial mobility.
- 2014
Large-diameter tubing plant opens
[1]The company inaugurates a plant dedicated to large-diameter tubing.
- 2012
Shanthi Gears becomes a controlled investment
[1]Tube Investments acquires a 44.12 percent controlling stake in Shanthi Gears.
- 2010
Sedis is acquired
[1]The acquisition of French chain manufacturer Sedis extends the company’s chain business internationally.
- 2001
Financial-services businesses are established and acquired
[1]Tube Investments acquires Cholamandalam Investment and Finance Company and establishes Cholamandalam MS General Insurance.
- 1999
Steel Strips and Tubes is acquired
[1]Tube Products of India acquires Steel Strips and Tubes Limited.
- 1993
Satavahana Chains is acquired
[1]TIDC adds Satavahana Chains to its chain-manufacturing activities.
- 1990
Press Metal Corporation is acquired
[1]The acquisition expands the company’s metal-forming and engineering capabilities.
Products and positioning
A diversified Indian engineering and manufacturing group combining bicycles and mobility products with industrial components, precision forming, steel tubes, chains, gears and newer electric-vehicle and healthcare businesses.
Bicycles · 1949
TI Cycles of India
TI Cycles is the company’s bicycle business and manufactures bicycles for mass, performance, youth and lifestyle segments. Its portfolio has included Hercules, BSA, Philips, Montra and Roadeo. Track & Trail provides a specialist retail and distribution platform for premium bicycles and has also supported the introduction of international cycling brands to India.
Steel tubes · 1955
Tube Products of India
Tube Products of India manufactures electric-resistance-welded and cold-drawn welded steel tubes. Its products serve industrial and automotive applications, with manufacturing locations in Tamil Nadu, Maharashtra and Punjab, including a facility for large-diameter tubing.
Industrial and automotive chains · 1960
TI Diamond Chains
TI Diamond Chains produces chain systems for industrial and automotive customers as well as fine-blanking applications. The business originated in a collaboration with Diamond Chain Company of the United States and operates manufacturing facilities in India.
Precision metal components · 1965
TI Metal Forming
TI Metal Forming makes formed and pressed metal components for automotive, commercial-vehicle and railway applications. Products include door-frame and window-channel parts, guide rails, side-impact beams, starter-motor casings, chassis components and sections for railway wagons and coaches.
Industrial gears
Shanthi Gears
Shanthi Gears is an industrial gearing business controlled by Tube Investments following the 2012 acquisition of a controlling stake. It supplies engineered gear products and related solutions for industrial customers.
Electric commercial vehicles · 2022
Montra Electric
Montra Electric is the electric-mobility brand of TI Clean Mobility. It focuses on electric three-wheelers for passenger and cargo use, last-mile delivery vehicles and larger commercial vehicles. The platform is intended for applications including urban logistics, mining, ports and freight transport.
Medical and surgical consumables · 2023
TI Medical
TI Medical is the renamed Lotus Surgicals business acquired by Tube Investments and Premji Invest in 2023. It operates in medical and surgical consumables and represents Tube Investments’ expansion into healthcare manufacturing.
Pharmaceutical contract development and manufacturing · 2023
3xper Innoventure
3xper Innoventure was established to develop contract development and manufacturing activities for active pharmaceutical ingredients, adding a pharmaceutical-services capability to the group’s industrial portfolio.
Marketing campaigns
- Tour of Nilgiris support
India
TI Cycles has supported the Tour of Nilgiris, a long-distance cycling event in India, through its BSA brand.
Outcome. The sponsorship connected the BSA brand with endurance cycling and helped promote organized cycling culture in India.
Brand decisions
2023
Enter medical consumables through Lotus SurgicalsM&ABackground
The company pursued diversification into healthcare manufacturing.
Action taken
Tube Investments jointly acquired Lotus Surgicals with Premji Invest and took a 67 percent ownership interest.
Aftermath
Lotus Surgicals was renamed TI Medical.
2023
Establish 3xper InnoventureStrategyBackground
Tube Investments identified pharmaceutical contract development and manufacturing as an additional growth area.
Action taken
The company established 3xper Innoventure for active-pharmaceutical-ingredient development and manufacturing services.
Aftermath
The new subsidiary broadened the group’s activities beyond traditional engineering and mobility businesses.
2012
Acquire control of Shanthi GearsM&ABackground
Tube Investments aimed to strengthen its presence in industrial gearing and engineered mechanical components.
Action taken
The company acquired a 44.12 percent controlling stake in Shanthi Gears.
Aftermath
Shanthi Gears became part of the group’s industrial engineering portfolio.
2010
Acquire SedisM&ABackground
The company sought to expand its chain-manufacturing capabilities and international reach.
Action taken
Tube Investments acquired French chain manufacturer Sedis.
Aftermath
Sedis became part of the company’s broader chain business.
Recent events
- 2023
Tube Investments and Premji Invest acquire Lotus Surgicals[1]
M&A
Tube Investments and Premji Invest jointly acquired Lotus Surgicals. Tube Investments became the majority owner, and the business was subsequently renamed TI Medical.
- 2023
Tube Investments establishes 3xper Innoventure[1]
Other
The company established 3xper Innoventure to pursue contract development and manufacturing activities involving active pharmaceutical ingredients.
- 2022
Montra Electric expands Tube Investments into electric commercial mobility[1]
Product launch
TI Clean Mobility, a wholly owned Tube Investments subsidiary, developed the Montra Electric business for passenger and cargo three-wheelers and related electric commercial vehicles.
- 2012
Tube Investments acquires controlling interest in Shanthi Gears[1]
M&A
Tube Investments acquired a 44.12 percent controlling stake in Coimbatore-based Shanthi Gears, strengthening its industrial gearing activities.
- 2010
Tube Investments acquires Sedis[1]
M&A
The company acquired French chain manufacturer Sedis, extending its chain business into Europe.
Sources2 sources
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