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Wheels India announces Rs 37 crore capex to meet rising exports demand

Wheels India has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. It has a combined overall annual capacity of 10.3 million wheels.

October 29, 2021 / 06:09 PM IST
Representative image

Representative image

Wheels India Ltd, a TVS group company and a significant player in the auto components sector, has stepped up its capital expenditure for the current year.

Addressing a virtual press conference on Friday, managing director Srivats Ram said the company’s board had approved an increase in the capital investment to the tune of Rs 37 crore. At the beginning of the year, the company had planned a capital expenditure of Rs 99 crore.

The hike in capex was needed to raise capacity to meet rising global demand in the construction equipment and windmill segments, he added.

Answering questions, Ram said that the second quarter had seen a return to normality. “There was reasonable volume in all the segments. Exports have been particularly strong with construction equipment, windmill and agriculture tractors doing well,” he said. He expected this strong showing in exports to continue.