Steel Strips Wheels Ltd (SSWL) today said it has bagged orders worth over 15-million euros (over Rs 110 crore) to supply steel wheels to French automotive firm PSA Peugeot Citroen over a five-year period.
The supplies will be for PSA’s upcoming new plant at Kenitra in Morocco and their existing plants in Poissy, France and Vigo in Spain, the company said in a BSE filing.
“Total project volume would be approximately 1.72 million wheels spread over five years generating cumulative revenue of about 15 million euros,” it added.
This order, which is the biggest export order in the company’s history, marks SSWL’s entry into ‘flow forming technology for passenger car steel wheels’ as it includes development of 2 group wheels with this process, it said.
“This should assist SSWL on developing light steel wheels for other global passenger car makers in future,” the company said, adding this business would strengthen its position in the challenging EU steel wheels market.
Shares of SSWL were trading at Rs 340.80 apiece in the afternoon trade, up 2.71 per cent from the previous close on the BSE.