Steel Strips Wheels bags export orders from US-based Elio Motors

Steel Strips Wheels has bagged export orders from Elio Motors in Shreveport, Louisiana, US. The orders would be executed from SSWL’s Chennai plant, the company said in a notification to the exchanges on Friday. The total volume is approximately 30 lakh wheels, to be exported over five years. It is expected to generate cumulative revenue of about $55 million, it added. SSWL aims to increase its presence in North America via roll-out of its commercial vehicle steel wheels and passenger car alloy wheels from its upcoming greenfield plants in India in the coming months. Shares of SSWL jumped 4.1 per cent at ₹514.15 on the NSE.