Business Update24 May 2024, 04:41 pm
Steel Strips Wheels Ltd. Receives Euro 8 Million Nomination from European OEM
AI Summary
Steel Strips Wheels Ltd. (SSWL) has been nominated for a Euro 8 million business deal from a leading European OEM. The contract is set to last for six years, with production expected to begin in the second half of 2025 at SSWL's Chennai plant. SSWL anticipates securing additional contracts from both European and US OEMs in the upcoming months, aiming to expand its presence in the EU and US markets.
Key Highlights
- Steel Strips Wheels Ltd. receives Euro 8 million nomination from European OEM
- Business contract expected to last for six years
- Production to begin at Chennai plant in mid-year 2025
- SSWL anticipates securing more contracts from Global OEMs
- Company's strategy to strengthen presence in the EU and US OEM space