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Steel Strips Wheels bags orders worth $2,09,000 for US market.


Date: 06-08-2020
Subject: Steel Strips Wheels bags orders worth $2,09,000 for US market
Auto component maker Steel Strips Wheels on Thursday said it has received orders worth over USD 2,09,000 (about Rs 1.56 crore) for the US truck and caravan trailer market.

In a regulatory filing, the company said it has bagged "export orders for over 6,000 wheels for the US truck and caravan trailer market to be executed in August from its Chennai plant".

Steel Strips Wheels Ltd (SSWL) said the orders are worth USD 2,09,000.

It said similar orders are expected in times to come from other regular customers as the market remains normalcy.

"This will support further ramping up of production at Chennai steel wheels plant," it added.

Earlier this week, Steel Strips Wheels had received orders worth over USD 1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.

Last month, Steel Strips Wheels had said it will clock a revenue of more than Rs 325 crore in the current fiscal year with sale of over 10 lakh alloy wheels, based on current orders. This will represent over 300 per cent growth over last financial year.

Source:- moneycontrol.com

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