Steel Strips Wheels bags orders worth EUR 429,000 from EU

Auto component maker Steel Strips Wheels Ltd on Monday said it has received orders worth EUR 429,000 (around Rs 3.75 crore) for about 70,000 wheels for European Union (EU) caravan trailer market.

In a regulatory filing, Steel Strips Wheels Ltd (SSWL) said it has received ‘new orders for over EUR 429,000 from Europe’.

SSWL said it has bagged export orders of about 70,000 wheels for the EU caravan trailer market to be executed in the month of September and October from its Chennai plant.

‘Similar orders are expected in times to come from other regular customers as the market regains normalcy. This will support further ramping up of production at Chennai Steel Wheels plant,’ the company added.

Last week, Steel Strips Wheels had said it will clock a revenue of more than Rs 325 crore in the current fiscal year with sale of over 10 lakh alloy wheels, based on current orders.

This will represent over 300 per cent growth over last financial year, the company had said.