Companies

Steel Strips Wheels bags orders worth ₹11.25 crore

PTI New Delhi | Updated on July 20, 2020

Auto component maker Steel Strips Wheels on Monday said it has received orders worth $1.5 million (about ₹11.25 crore) for over 1.45 lakh wheels for the US caravan trailer market.

With this, the company’s order wins for this month stand at over ₹21 crore.

In a regulatory filing on Monday, Steel Strips Wheels Ltd (SSWL) said it “has bagged firm export orders for over 1,45,000 wheels for the US caravan trailer market, to be executed in the month of September with a value of over $1.5 million, from its Chennai plant“.

SSWL said this repetitive order confirms the market comeback after quite a period of slowdown.

“Recurring inflow of similar orders are expected in months to come. With this order our Chennai plant will aim to run its passenger car wheel business at its highest monthly run rate,” the company added.

Last week, SSWL had received orders worth 1,78,000 euros (₹1.51 crore) from the European Union and the US.

The company also secured orders worth $1,40,000 (around ₹1.05 crore) along with maiden order for alloy wheels from the EU market.

Earlier this month, it had bagged orders worth $1 million (about ₹7.5 crore) for over 1.19 lakh wheels for the US caravan trailer market.

Published on July 20, 2020

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