X2Fuels is an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras. It was awarded the 3rd prize in the New Generation Ideation Contest conducted by HPCL Green R&D Centre in 2020.

Considering the significant societal impact in waste management and environment sustainability while delivering value through waste valorization, Tube Investments of India plans to invest in X2Fuels to hasten product development and launch.

Commenting on the acquisition, M.A.M Arunachalam (known as Arun Murugappan), executive chairman of the company said, "the acquisition of 50% equity stake in X2Fuels will strengthen TII's efforts to make a positive impact in environment sustainability through development of advanced technologies in managing waste and also benefit to achieve circular economy."

Tube Investments of India, a Murugappa Group company, manufactures fabricated metal products. The company specializes in cycles, steel tubes, strips, chains, and metal formed items.

The company's consolidated net profit rose 13.3% to Rs 210.79 crore on 15.4% jump in revenue from operations to Rs 3,648.67 crore in Q2 FY23 over Q2 FY22.