On 22nd May 2021, a higher management staff of India’s largest auto component manufacturer, TVS Group promoted Wheels India Ltd. revealed that the company has planned for a capital expenditure of INR 100 crore in 2021 towards the wind energy segment and all set to develop a plant near Chennai.
Srivats Ram, Managing Director of Wheels India said that the Chennai-based organisation would consider investing a 'large chunk' for the cast aluminium plant phase II development.
He added: ''Wheels India is planning a capital expenditure of INR 100 crore that will go into the wind segment where we will be setting up a new plant in Thervoy Kandigai near Chennai.”
“We currently have built up capacity for 350,000 wheels and we will be taking this upto 750,000wheels'', he said.
“The order book was very strong in the exports segment, continuing from where it was in the fourth quarter of last year”, he further added.
''In the domestic segment, wheels for agriculture-tractors did very well last year and I believe this will continue to do well this year.”
The company booked a net profit of INR 25.5 crore for the quarter under review, compared to INR 4.6 crore in the same period last year, while the revenues registered during the quarter grew to INR 853.3 crore as against INR 544.7 crore registered during the corresponding period last fiscal.
The company confirmed that during Q3 2020, it commenced the first shipment of cast aluminium wheels to the United States from its facility near Chennai.
Responses
