Wheels India targets to boost export contribution to one-third of sales, distinctly aims at aluminium wheels
The TVS Group promoted, Wheels India Limited, India’s largest auto component manufacturer of wheels for commercial vehicles in an astute strategy that compels the company to view more externally, the company is aiming towards strengthening its export contribution to one-third of its sales.
Wheels India’s exports were just only 16% of its entire sales five years ago, while presently it is at 23% of sales.
According to our sources, it has been revealed, “The export focus is a strategy to ‘de-risk the India business’ and Wheels India is focussing on three segments in particular — aluminium wheels, windmill parts and off-highway category. There is also some potential in commercial vehicles, but that is more long-term.”
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The Group during this fiscal has invested heavily in the capacity to reach export requirements, as the expenditure was INR 137 crore in Capex for FY21-22, however, the coming financial year will witness more Capex spend than.
Wheels India has widened its products, customer and market base, but its exports have benefitted from the China+1 focus, since it is part of global OEM supply chains, especially in North America. Notwithstanding, passenger vehicle wheels have been strongly hit by the global semi-conductor crisis comprising exports to North America and Europe.
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