Automotive component manufacturer Steel Strips Wheels Limited (SSWL) has received a bulk export order for 116,000 wheels for US Caravan Trailers Market. The order is worth over $1.3mn and will be executed in October from its Chennai plant.
In July, the company had received an export order of around 70,000 wheels to be executed in September and October.
The company expects to receive more orders in the coming months backed by gradual recovery of the market. Its Chennai plant is expected to work at 100pc utilisation in August in response to the increasing demand.
SSWL also expects the revenue to cross Rs325 crores ($3.2bn) in the current fiscal year on healthy demand which represents a growth of over 300pc, compared to the prior year.
($1= Rs 74.84)