Murugappa to invest Rs 200 cr in business ventures

Leading business conglomerate Murugappa Group on Thursday said that it would invest more than Rs 200 crore in its business ventures this fiscal on capacity expansion and technology.

The company is also engaged in talks with the Japanese partner Mitsui Sumitomo Insurance group for multiplying its stakes in the insurance joint venture. “During this financial year, our capital expenditure will be about Rs 250 crore, which will be invested in capacity expansion and improve the technology base,” Murugappa Group Vice Chairman M M Murugappan said.

Murugappan said that negotiations were on with Mitsui Sumitomo Insurance Group on allowing the latter to increase its stakes in the group’s insurance company Cholamandalam MS General Insurance Company.

Stating that the group’s focus in 2014-15 was to improve its position in the respective markets and prepare for the next phase of growth, Murugappan said that the company will also invest more in its cycle factory to be set up in Punjab in the future.

According to the group’s performance, Murugappa recorded a growth of 11 per cent, clocking a turnover of Rs 26,926 crore during 2014-15, compared with the previous year’s Rs 24,350 crore.

The Chennai-based Murugappa Group posted an EBITDA growth of 11 per cent at Rs 2,921 crore, compared with last year Rs 2,627 crore and profit before tax and extra ordinary items (PBT excluding EOI) was Rs 1,780 crore registering a growth of 26 per cent, over last year’s Rs 1,415 crore.

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