Steel Strips bags JLR export order
02 Dec 2015
Steel Strips Wheels (SSWL), which manufactures automotive steel wheels, has bagged an order from Tata Motors-owned Jaguar Land Rover (JLR). The order is one of the company's biggest export orders, the company said in a regulatory filing.
Under the deal, SSWL will supply its products to "JLR's UK and one more European facility", according to the filing.
The company did not disclose financial details of the deal.
The wheels would be supplied from SSWL's Chennai plant with the first supplies planned to start from February 2016.
SSWL designs and manufactures automotive steel wheels since 1991 and has been a leader in the supply to Indian and global automobile manufacturers.
The company operates production facilities at Dappar (Punjab), Oragadam (near Chennai) and Jamshedpur (Jharkhand).
SSWL said its exports were up 32 per cent in November 2015 due to increased penetration in European region and that it expects the shipments to Europe to be robust in coming months. The company has also bagged an order from JLR, which will start from Q4 and will add immensely towards volume as well as profitability of export portfolio.
Shares in SSWL rose 3.34 per cent to Rs389.80 apiece on the BSE.