Tube Investments of India resumes operations in two-thirds of plant locations; says awaiting permission from local authorities
Pursuant to Central and respective state governments permitting operations, the company has resumed operations in a partial manner in about two-thirds of the plant locations, Tube Investments said in a BSE filing.
Chennai: With the easing of COVID-19 lockdown restrictions most areas, Tube Investments of India Ltd, has resumed operations in two-thirds of its plant locations, giving paramount regard for health and safety of its workforce, the company said.
The city-based company, formerly TI Financial Holdings Ltd, said it was awaiting permissions from local authorities to resume operations in remaining plant locations.
Flagship entity of diversified conglomerate Murugappa Group, Tube Investments manufactures a range of products for automotive, railway, construction, mining, agriculture at its 18 plants across the country.
The resumption of operations comes after the Centre and various state governments allowed industries to function in green and orange zones, where the coronavirus cases are nil or within certain parameters, since the third phase of lockdown began on 4 May.
No relaxations are allowed in red zones, where the cases and doubling rates are higher.
"...pursuant to Central and respective state governments'' permitting operations, the company has resumed operations in a partial manner in about two-thirds of the plant locations", the company said in a BSE filing.
As the situation improved the operations would be scaled up to full level, it added. "...operations in all plants are done subject to total adherence of the guidelines issued by the governments concerned and local authorities, with paramount regard for health and safety of workforce," the company said.
Tube Investments has three main verticals -- engineering, metal formed products and bicycles.
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