Synergies Castings signs MoU with Andhra govt for aluminium alloy wheel plant

Vishakhapatnam-based aluminium alloy wheel manufacturer Synergies Castings Limited has recently entered into a Memorandum of Understanding with Andhra Pradesh government to set up greenfield aluminium casting alloy wheel plant in Vishakhapatnam.

“As customer requirements become exceedingly more stringent, and consequent need to invest in substantial capex for sophisticated production, testing and development facilities, it is important to scale up and tech-up to remain competitive.  While we have evaluated several manufacturing location options in the country, we believe that Vizag, and the terms of engagement with the state of Andhra Pradesh offers the best opportunity to be the most competitive manufacturer of alloy wheels in the country, ”said Synergies president Shekar Movva.

The plant will have total wheel casting capacity of 2.4 million wheels benchmarked at 18 inch size.  The project cost of $100 million will be financed by shareholders, accruals and bank debt.

Synergies Castings Limited is the leading manufacturer of aluminium alloy wheels in India. The company specializes in producing extremely high precision, quality and high-end alloy wheel. It supplies alloy wheels to several automobile majors like General Motors-USA, Ford-USA, Chrysler-USA, General Motors-India, Ford-India, Honda, TATA Motors, Toyota, Fiat, Hyundai, Nissan, Volkswagen and Mahindra & Mahindra amongst others.