Steel Strips Wheels Ltd. to Expand Manufacturing Capacity with Lease Agreement

Steel Strips Wheels Ltd. has approved the execution of a lease agreement with its wholly owned subsidiary, AMW Autocomponent Limited (AACL), for an initial period of 11 months. The lease includes land and facilities in Bhuj, Gujarat, to set up new manufacturing units for Alloy Wheels and Aluminum Steering Knuckle. The company plans to expand its capacity in Gujarat, subject to necessary approvals and clearances. The estimated capex for the Alloy Wheels unit is Rs. 300 crores and Rs. 120 crores for the Aluminum Steering Knuckle unit. The expansion is aimed at meeting increasing operational requirements and catering to the expected rise in demand for Alloy Wheels and Aluminum Steering Knuckle from domestic and export destinations.