Tube Investments of India (TII), a part of the Chennai-based $3 billion Murugappa Group, has decided to spend Rs 75 crore on expansion of its various units.

The company is soon going to complete its 60 years of operations and as part of the growth strategy it is now looking at revamping the entire range of products by 2010.

The proposed investment would be met through internal accruals.

TI, which also makes tube products, had a market share of 60 per cent in cold draw welded precision tubes. In addition, the company is now planning to diversify into infrastructure and energy industries.

The shares of the company closed on Friday at Rs 57 on BSE.