Murugappa Group- An In-Depth Analysis

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Starting from modest roots in Burma, today the Murugappa Group enjoys a turnover of ₹742 Billion. Such numbers not only highlight its vast presence but also showcase a journey filled with dedication, innovation, and trust built over the years. This journey, spanning over a century, is an engaging story of a group that grew from strength to strength. While the Murugappa Group has ventured into diverse sectors, from finance to agriculture, a common thread binds them all – a constant pursuit of excellence and a commitment to values. 

As we further explore the history, triumphs, and milestones of the Murugappa Group, it’s evident that this conglomerate has played a significant role in shaping India’s industrial landscape.

About Murugappa Group

FounderDewan Bahadur AM Murugappa Chettiar
Industry TypeConglomerate
HeadquartersChennai, Tamil Nadu, India
Key PeopleM. M. Murugappan (Executive Chairman)
OwnerMurugappa family
Total Number of Employees73,000+

Overview of Murugappa Group

The journey of the Murugappa Group showcases India’s entrepreneurial spirit and its transformation from a traditional agrarian economy into a global industrial powerhouse. The Group’s origins can be traced back to a small banking enterprise in Burma (now Myanmar) before World War 1, highlighting their story of determination, vision, and continuous growth.

As the threat of war intensified and uncertainty grew, the Group demonstrated its adaptability by strategically relocating its operations to the southern region of India. This move was not merely a change in location but marked the beginning of a transformative phase in the Group’s history.

In the fertile lands of South India, the Murugappa Group encountered both challenges and opportunities. While the terrain was unfamiliar, and the socio-economic environment differed from Burma, the Group recognised the potential. They decided to diversify their business beyond banking, understanding the diverse needs of a rapidly growing nation. They ventured into areas such as agri-solutions, acknowledging India’s agrarian core. They also entered the financial services sector, recognising the need for robust financial structures to support India’s aspirations. Additionally, they made significant strides in engineering, contributing to infrastructure and technological development.

The subsequent decades witnessed the Group’s remarkable rise. They established leading companies in core sectors and embraced innovative technologies, often setting industry standards. Today, with an impressive turnover of ₹742 Billion, their achievements are indeed impressive. However, behind this figure lies a story of countless hours of hard work, innovative strategies, and a commitment to values. The Group, now employing over 73,000 individuals, is not just a conglomerate of successful businesses but an entity that has positively impacted several lives.

The Murugappa Group’s focus has always extended beyond commercial success. An integral part of their journey has been their emphasis on governance, ethical practices, and value creation. In today’s business community, they are not just known for their success but also for their consistent commitment to the greater good.

Also Read: Tata Group

Murugappa Group History

1900 – 1915: Dewan Bahadur AM Murugappa Chettiar laid the foundation for a banking and money lending business in Burma, giving birth to AMM Rm Firm.

1915 – 1934: This period saw diversification into textiles, rubber plantations, insurance, and stock broking, expanding the Group’s presence to Malaya, Vietnam, and Ceylon, reflecting their eagerness for growth.

1934 – 1949: World War II posed challenges, prompting the Group to shift assets to India before the Japanese invasion of Burma. They entered into industries with investments in emery paper and steel furniture.

1949: A significant milestone was reached as the Group collaborated with Tube Investments Limited, UK, to establish TI Cycles of India Limited, a renowned bicycle manufacturer.

1953: The AMM Charities Trust was founded, showcasing the Group’s commitment to social responsibility and philanthropy.

1954: International partnerships emerged as CUMI was formed as a joint venture with global players. Simultaneously, TII diversified, introducing the iconic BSA SLR Brand for urban cycling needs.

1960: TI Cycles achieved a landmark by manufacturing its one-millionth bicycle, cementing its industry position.

1978: The Group entered the financial sector with Cholamandalam Investment and Financial Company, catering to emerging entrepreneurs.

1981 – 1990: The Group ventured into agriculture, reviving E.I.D. Parry, a struggling sugar manufacturer, and expanding further into the agri-sector through Coromandel International Limited.

1984: International collaborations continued as CUMI acquired a stake in Wendt (India) Ltd and initiated Murugappa Morgan Thermal Ceramics Ltd. The Parry Agro Mayura tea facility became prominent in South India.

Late 1980s: E.I.D. Parry led the way in producing a healthy superfood called Spirulina on a large scale, marking their entry into the health industry.

1991 – 2000: A period of restructuring and global alliances. The Murugappa Group streamlined its core businesses and established collaborations with international giants.

2001 – 2010: The Group’s expansion vision materialised, marked by awards, global partnerships, and significant financial milestones.

2011 – 2019: The Group achieved manufacturing records, made strategic acquisitions, and diversified into new business segments, strengthening its prominent position in India’s business landscape.

Major Subsidiaries of Murugappa Group

S. No.Name SectorMarket Cap (in Crores)
1Cholamandalam Investment and Finance Company LtdConsumer Finance₹ 1,02,375
2CG Power and Industrial Solutions LtdHeavy Electrical Equipments₹ 63,113
3Tube Investments of India LtdCycles₹ 56,681
4Coromandel International LtdFertilisers & Agro Chemicals₹ 34,208
5Carborundum Universal LtdIndustrial Machinery₹ 21,570
6Cholamandalam Financial Holdings LtdFinancials₹ 20,828
7E I D-Parry (India) LtdSugar₹ 9,234
8Coromandel Engineering Company LtdConstruction & Engineering₹ 125

Cholamandalam Investment and Finance Company Ltd

A popular name in the consumer finance sector with an impressive market cap of ₹1,02,375 Crores, Cholamandalam Investment and Finance Company Ltd offers a wide array of financial services. Operating through a vast network of 1000+ branches, the company is dedicated to serving over 10 Lakh customers, providing them with customised financial solutions that suit their unique needs.

CG Power and Industrial Solutions Ltd

Carrying a notable market cap of ₹63,113 Crores, this subsidiary stands as a leader in the heavy electrical equipment arena. Beyond its primary offerings, CG Power offers a wide range of equipment from transformers to network protection systems, enhancing the power sector’s efficiency.

Tube Investments of India Ltd (TII)

A significant name in the cycles sector with a market cap of ₹56,681 Crores, TII isn’t just limited to cycles. While it is India’s second-largest bicycle manufacturer, TII’s diversified operations range from engineering to metal-formed products, cementing its place as a preferred supplier in the automotive industry.

Also Read: Tube Investments of India Ltd. Q2 Results

Coromandel International Ltd

Enriching the fertilisers & agro chemicals space, this subsidiary with a market cap of ₹34,208 Crores is the 5th largest Agrochemical entity in the nation. Furthermore, its ‘Mana Gromor’ initiative stands as India’s most extensive agri-retail chain, with a vast footprint of over 750 centres.

Carborundum Universal Ltd (CUMI)

With a notable market cap of ₹21,570 Crores, CUMI has become a leading name in the industrial machinery sector. Showcasing the Group’s global influence, CUMI offers a wide array of over 20,000 products across three verticals. These offerings, created in five countries, find their customers in more than 50 nations around the world.

Cholamandalam Financial Holdings Ltd

A renowned name in the financial sector with a market cap of ₹20,828 Crores, this subsidiary offers a range of financial services. With its products and advice, businesses and individuals find the financial support they need.

E I D-Parry (India) Ltd

Commanding a market cap of ₹9,234 Crores, E.I.D. Parry is more than its sugar offerings. While it is one of India’s top integrated sugar producers, it also marks its global presence as a leader in the organic spirulina segment.

Coromandel Engineering Company Ltd

With its market cap set at ₹125 Crores, Coromandel Engineering has established itself as a preferred choice in the construction & engineering sector. It has undertaken several high-rise building projects, industrial plants, and other infrastructural marvels.

Major Acquisitions or Joint Ventures by Murugappa Group

Coromandel and SQM, Chile

A significant move in the Specialty Nutrients space, this joint venture placed Coromandel as a ‘top 3’ player in India. With SQM’s expertise in the global nutrient market and Coromandel’s extensive reach in India, this collaboration improved their standing in the agri-solutions sector.

TII and SEDIS, France

This acquisition marked TII’s entry into the European market. SEDIS, a renowned industrial chain manufacturer, boosted TII’s global image, enhancing its product portfolio and utilising shared manufacturing expertise.

E.I.D. Parry and US Nutraceuticals

Venturing into the health segment, E.I.D. Parry’s acquisition of US Nutraceuticals, a notable producer of dietary formulations, signalled its commitment to overall health solutions.

Chola MS Risk Services and Mitsui Sumitomo, Japan

This unique joint venture addressed the growing demand for risk assessment and mitigation. Utilising Mitsui Sumitomo’s global expertise, Chola MS catered to the complex and diverse risk landscapes of India’s booming sectors.

Coromandel and Yanmar, Japan

This joint venture marked Coromandel’s entry into the farm mechanisation sector. Yanmar’s technological know-how combined with Coromandel’s deep understanding of the Indian agricultural landscape promised innovation and advancement in farm tools and machinery.

CUMI and CoorsTek, USA

Diversifying into the Industrial Ceramics segment, CUMI’s collaboration with CoorsTek ensured advanced technological solutions tailored to the global market’s evolving needs.

TI Cycles and Creative Cycles & Great Cycles, Sri Lanka: 

Expanding its footprint in the South Asian market, TI Cycles’ acquisition of these Sri Lankan entities strengthened its commitment to delivering quality cycles across the subcontinent.

E.I.D. Parry’s Subsidiary and Alimtec SA, Chile

To strengthen its position in the nutraceuticals market, E.I.D. Parry’s subsidiary acquired Alimtec SA, a key raw material supplier. This move ensured a robust supply chain and enhanced production capabilities.

Products/Brands Under Murugappa Group


BSA bicycles hold a special place in India’s cycling scene, known for their durability and attractive design. These cycles are made for Indian roads and have earned the trust of both children and adults, becoming a household name.


Hercules cycles are synonymous with strength and adventure, suitable for a wide range of terrains. Whether you’re navigating busy city streets or tackling challenging off-road trails, Hercules provides a dependable companion with features customised for different environments.


Montra is a brand dedicated to serious cyclists, prioritising high performance. These bicycles feature lightweight structures and advanced gear systems, making them a preferred choice among professionals.

Montra Electric

Combining traditional cycling with modern technology, Montra Electric offers the best of both worlds. These bicycles come with assistive battery-powered motors, providing an advantage during demanding rides and promoting eco-friendly commuting.

Mach City

Designed for urban commuters, Mach City bicycles excel in agility. Their lightweight design allows easy manoeuvring through city traffic, and their sleek appearance complements the urban landscape.


Ballmaster sets the standard for excellence in sports equipment. Whether for professional sports or recreational activities, each product in this brand is carefully crafted to ensure top-notch performance.


Ajax enjoys a strong reputation in the field of industrial machinery. Producing essential tools for various industries, from construction to manufacturing, their products are known for their durability and precision.


Parry’s has sweetened countless moments in Indian homes with its high-quality sugar. While expanding its product range, Parry’s maintains its commitment to purity, making it a kitchen staple.


As a prominent figure in the financial sector, Chola offers a comprehensive range of financial solutions, including loans and insurance products, tailored to meet diverse consumer needs, earning trust in the financial landscape.


Championing agriculture, Gromor provides products that enhance crop yields. By offering quality fertilisers and agricultural aids, Gromor ensures farmers enjoy fruitful harvests.

Shanthi Gears

Shanthi Gears powers industries with its precision-engineered products. Trusted in the machinery component sector, industries rely on its offerings for seamless operations.


Focusing on niche markets, Paramfos stands for reliability and quality. Each product under this brand meets stringent standards, effectively catering to the needs of various industries.


The Murugappa Group, with a market value of ₹742 billion and a footprint in over 50 countries, is a prime example of long-lasting success. Over its century-long journey, from bicycles to agrochemicals, it has shown adaptability and creativity. The group’s dedication to sustainability and global partnerships promises a bright future. 

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