The Chennai-headquartered Murugappa grorup, is planning to spend Rs 586 crore in 2009-10 through its group companies.

The company plans to invest Rs 586 crore in 2009-10, lesser in comparison to Rs 850 crore, which it had invested in 2008-09.

According to company officials, the proposed investment include Rs 146 crore in Tube Investments of India (TII) which in turn will invest in setting up a metal forming manufacturing unit at Uttarakhand . The new plant will cater to railway wagon segment.

Similarly the group company has sketched an investment plant worth Rs 115 crore in E.I.D Parry (India) for expanding the capacities of sugar, Rs 180 crore in Coromandel Fertilisers Ltd, Rs 80 crore in Carborundum Universal and Rs 65 crore in other group companies.

The proposed investments are expected to be funded through debt and equity.

In recently announced results, the gross turnover of Murugappa group has crossed the US$ 3 billion mark in 2008-09 at Rs 15,646 crore, up by 63% over Rs 9582 crore in the previous year.