Last month, the company board gave its approval for exploring options like being a contract manufacturer or tying up with another partner.

Ramkumar said Tube Investment was looking at new product lines such as chains in order to lessen its dependence on one segment.

'We are looking at entering the industrial chains segment and in the tubes segment, we are looking at stainless steel and aluminium tube products,' he said.

Another area was metal formed business, where he said the company hoped to secure orders from the Indian Railways.

Tube Investments will invest Rs.75 crore this fiscal on modernising its facilities and setting up a car door frame plant for Tata Motors' Nano at Sanand in Gujarat.

'The funding will be from internal accruals,' Ramkumar said.