India’s Steel Strips Wheels Limited (SSWL) has signed a Memorandum of Understanding (MoU) with US-based Western Hemisphere for the supply of steel and aluminum wheels worth $105mn.
According to media reports, the MoU will entail SSWL supplying wheels to Western for a minimum period of the next three years. The steel wheels will be produced in Chennai and Dappar, India, starting in September this year. Meanwhile, the aluminum units will be rolled out from SSWL’s Mehsana plant in Gujarat.
SSWL says that this deal will encourage more of its clientele to make long-term supply contracts with the company and build goodwill in the market by doing so. The wheelmaker’s net profit in Q1 FY22 (ending January) was overturned to Rs510mn ($6.8mn) from a net loss of Rs381mn in the same quarter last fiscal. The company’s exports jumped 1.6 times in July this year.
($1=Rs74.15)