Steel Strips Wheels Ltd. Executes Lease Agreement with Subsidiary for Capacity Expansion
Steel Strips Wheels Ltd. (SSWL) has executed a lease agreement with its wholly owned subsidiary, AMW Autocomponent Limited (AACL), for an initial period of 11 months. The lease is for taking entire land, together with buildings, sheds, structures, rights, fixtures, utilities, facilities, etc. situated at Bhuj-Bhachau Road, Near Village Kannaiyabe, Kachchh, Bhuj, Gujarat, India, 370020. The lease area measures around 288793.19 sq. mt. The purpose of the agreement is to meet increasing operational requirements and expand manufacturing capacity by setting up new manufacturing units for Alloy Wheels and Aluminum Steering Knuckle. The company plans to invest approximately INR 300 crores for the Alloy Wheels unit and INR 120 crores for the Aluminum Steering Knuckle unit. The capacity expansion is expected to add 1.2 Million units per annum for Alloy Wheels and 0.6 Million units per annum for Aluminum Steering Knuckle.
Key Highlights
- SSWL has executed a lease agreement with its subsidiary, AACL, for capacity expansion.
- The lease is for 11 months with the option to extend as required.
- The lease includes land and facilities for setting up new manufacturing units for Alloy Wheels and Aluminum Steering Knuckle.
- The company plans to invest approximately INR 300 crores for the Alloy Wheels unit and INR 120 crores for the Aluminum Steering Knuckle unit.
- The capacity expansion is expected to add 1.2 Million units per annum for Alloy Wheels and 0.6 Million units per annum for Aluminum Steering Knuckle.