Steel Strips Wheels, a manufacturer of automotive steel wheels announced that it has got together with South Korea's Kalink Co with an aim to come up with a new alloy wheel manufacturing facility at Mehsana in Gujarat on account of the surge in demand for alloy wheel rims.
The facility will be set up with an initial capacity of 1.5 million alloy wheel rims.
Steel Strips Wheels said in a regulatory filing, "This is to address the growing demand for alloy wheels from OEMs versus the current supply and expected capacity in the next five years."
In a separate filing, the company said, "Kalink has agreed to invest an amount equivalent to $2 million (by subscribing equity shares in SSWL...as per the terms and conditions as may be mutually agreed between both the parties."
Kalink, a South Korean-based corporation and is a leading alloy wheel manufacturer.