Steel Strips Wheels bags order worth over EUR 1,43,000 from EU

Auto component maker Steel Strips Wheels on Thursday said it has received orders worth over EUR 1,43,000 (around Rs 1.26 crore) for about 8,800 wheels for the European Union (EU) caravan and truck trailer market. In a regulatory filing, Steel Strips Wheels Ltd (SSWL) informed stock exchanges that the new export orders worth over EUR 1,43,000 from Europe will be executed in August and September from its Chennai plant.

It said 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.

Earlier this week, Steel Strips Wheels had received orders worth over USD 2,37,000 (about Rs 1.77 crore) for the US truck and caravan trailer market.

Last month, 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.