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Auto component maker Steel Strips Wheels bags new orders worth over US$ 1 million from US

IBEF:  August 05, 2020

Steel Strips Wheels Ltd, an auto component maker, has bagged orders worth US$ 1 million for over 1.19 lakh wheels for the US caravan trailer market. The order is to be executed in August from the company's Chennai plant, Steel Strips Wheels Ltd (SSWL) said in a regulatory filing.

It said, "This is the largest order from one customer and encompasses most of the development we have done for the US market."

This step important towards acceleration of resuming business activities and resuming normalcy as the US and EU markets gain momentum after the slowdown of the coronavirus pandemic, it added.

Production at the Chennai plant is expected to be further ramped up with the development.

"Inflow of more orders are expected to come from various other customers as markets gain stability," it said.

Recently, the company bagged long term orders worth Rs 3,750 crore (US$ 531.99 million) through domestic customer supply programmes.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.