TVS Group company Wheels India’s joint venture WIL Car Wheels Ltd has begun construction of a ₹42-crore car wheel factory at Gujarat.

The 74:26 joint venture between Wheels India and Japan’s Topy Industries coming up at Vanod will have a annual production capacity of 1.5 million steel wheels for cars. It will commence production in 2018-19, according to a statement from the company.

Posts ₹13-cr profit

Wheels India has reported a net profit of ₹12.91crore for the quarter ended December 31, 2017, against₹14.32 crore.

The company registered revenues of ₹593 crore (₹ 579 crore). However, the figures are not comparable as revenues for Q3 ended December 31, 2017, is net of GST, while the revenues for Q3 ended December 31, 2016, includes excise duty as per the requirement under IndAS.

“There was strong growth both in the CV as well as the passenger cars segments in Q3 but the growth in automotive businesses was offset by a reduction in non-automotive sales,” said Srivats Ram, MD.

The Board has declared an interim dividend of ₹6 (60 per cent) for each fully paid-up equity share.