Enkei Wheels (India) Limited signs agreement to establish Joint Venture Company
Enkei Wheels (India) Limited (EWIL), a manufacturer of the aluminium alloy wheels, has signed a Joint Venture Agreement to establish a Joint Venture Company with Nikkei MC Aluminium Co. Ltd, Japan, Century Metal Recycling Limited, India and Enkei Corporation, Japan.
The purpose of the JV agreement is “to incorporate a private limited company (Joint Venture Company) with the main objects of manufacturing, importing/ exporting, processing of primary and/ or secondary metal, metal scrap recycling and selling of aluminium alloys in molten and ingot form,” Enkei Wheels (India) said.
Nikkei MC Aluminium Co. Ltd will hold a 60% stake in JV Company, with Century Metal Recycling Limited and Enkei Corporation holding 26% and 7% respectively. Enkei Wheels (India) Limited will hold a 7% stake in JV company.
“EWIL is manufacturing alloy wheels, metal scraps get generated in manufacturing process. Reprocessing of these metal scraps is currently outsourced, which will be recycled by JV company. This reprocessed metal scraps will be used in manufacturing of alloy wheels which will save time and cost,” Enkei Wheels (India) Limited said.
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