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Steel Strips Wheels, a leading manufacturer of automotive steel wheels, has tied up with South Korea’s Kalink Co to come up with a new alloy wheel manufacturing facility in Gujarat.
In view of the increased demand for alloy wheel rims, the company has decided to set up an alloy wheel manufacturing facility at Mehsana in Gujarat with an initial capacity of 1.5 million alloy wheel rims, Steel Strips Wheels said in a regulatory filing.
For the purpose of setting up the facility, the company has entered into an agreement with Kalink co, it added.
“This is to address the growing demand for alloy wheels from OEMs versus the current supply and expected capacity in the next five years,” Steel Strips Wheels said.
In a separate filing, the company said Kalink has agreed to invest an amount equivalent to $2 million (by subscribing equity shares in SSWL...as per the terms and conditions as may be mutually agreed between both the parties.
Kalink, a South Korean-based corporation, is a leading alloy wheel manufacturer.
Steel Strips Wheels shares were trading at Rs 346 apiece on the BSE, up 6 per cent from the previous close.
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