Steel Strips Wheels Ltd. Calls Off Joint Venture with Redler Technologies Due to War Situations in Israel, Stands Ineligible for Production Linked Incentive Scheme

Steel Strips Wheels Ltd. has informed that it will not be establishing a joint venture with Redler Technologies Limited due to the ongoing war situations in Israel. The company had entered into an MOU with Redler to develop, manufacture, and market innovative motion control solutions for electric vehicles in India, which was eligible under the Production Linked Incentive scheme for the Automobile and Auto Component Sector. However, the board approved calling off the discussions. The company also mentioned that it was unable to identify viable products for undertaking the investment as per the scheme's requirements. Consequently, the company stands ineligible under the scheme, and a bank guarantee submitted by the company has been invoked. Despite this, the company is actively investing in other products aligned with its business strategy and looks forward to exploring opportunities for participation in similar initiatives in the future.