The leading Wheel Manufacturing industry having facilities all over India, Steel Strips Wheels (SSWL) announced that it has inked a memorandum of understanding for around $105 million from Western Hemisphere.
The MoU undertakes that SSWL will supply steel and aluminium wheels for a minimum period of three years.
However, the supplies of steel wheels will commence from Chennai and Dappar plant by September 2021 and the supplies of aluminium wheels from Mehsana plant will be set in motion by end of December 2021.
The wheel production company said: “This shows strong confidence of the customers in SSWL to develop long term strategic partnerships.”
SSWL manufactures steel and aluminium wheel rims and caters to the various segments of the automobile industry. The company operates in the segment of the automotive wheel, while it does business in India and the overseas market.
The India headquartered wheel company booked a net profit of INR 51.08 crore in Q1 FY22 as against a net loss of INR 38.09 crore in Q1 FY21, whereas, the net sales leapt 463.84% Y-o-Y to INR 678.13 crore during the quarter.
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