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Steel strip Wheels (SSWL) is a wheel manufacturing company with several plants in various locations in India. The company announced the signing of a Memorandum of Understanding (MOU) with Western Hemisphere worth approximately $105 million. The MOU commits SSWL to supply steel and aluminum wheels to the latter for a minimum of three years.
The supply of steel wheels will commence from the Chennai and Dhapar plants by September 2021, while the Mehsana plant will start supplying aluminum wheels by the end of December 2021. The wheel manufacturing company said, "This reflects the strong confidence of the customer in SSWL to develop a long-term strategic partnership." SSWL produces steel and aluminum wheels to meet the needs of all segments of the automotive industry. The company's main business is in the automotive wheel segment and also operates in India and overseas markets.
The India-based wheel company posted a net profit of Rs 511.8 million in the FY22 quarter, compared to a net loss of Rs 380.9 million in the FY21 quarter, while net sales jumped 463.84% year-on-year to Rs 6,781.3 million in the quarter.
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