Steel Strips Wheels bags orders worth $1.3 million

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Auto component maker Steel Strips Wheels on Tuesday said it has received orders worth over $1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.

In a regulatory filing, Steel Strips Wheels Ltd (SSWL) said it has received new orders of over $1.3 million from the US.

The company has bagged "firm export orders for over 1,16,000 wheels for US caravan trailer market to be executed in the month of October from its Chennai plant".

Inflow of more orders is expected from various other customers as the market gains stability, the filing said adding that the production at the Chennai steel wheel plant will further ramp up with such developments.

Last month, Steel Strips Wheels had said it will clock a revenue of more than Rs 325 crore in the current fiscal year with sale of over 10 lakh alloy wheels, based on current orders. This will represent over 300 percent growth over last financial year.