Steel Strips Wheels bags orders worth over EUR 1,38,000 from EU

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Auto component maker Steel Strips Wheels on Friday said it has received orders worth over EUR 1,38,000 (Rs 1.22 crore) from the European Union.

In a regulatory filing, the company said it has bagged "export orders for close to 20,000 wheels for the EU caravan trailer market to be executed in September from its Chennai plant".

It said the orders are worth over EUR 1,38,000.

It said similar orders are expected in times to come from other regular customers as the market remains normalcy.

"This will support further ramping up of production at Chennai steel wheels plant," it added.

Earlier this week, the company said it had received orders worth over USD 2,09,000 (about Rs 1.56 crore) for the US truck and caravan trailer market.

It had also received orders worth over USD 1.3 million (about Rs 9.76 crore) for 1.16 lakh wheels for the US caravan trailer market.

Last month, the company 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 per cent growth over last financial year.