Srivats Ram says that Indian companies have benefitted a lot from the China-plus-one opportunity. The de-risking momentum, he says, is just starting to pick up steam and there is more excitement ahead
Srivats Ram says electrification is an opportunity for the automobile sector and that “the worst is behind us”. Wheels India boss weighs in on the effect of the pandemic, opportunities and challenges for the company, exports and more.
Srivats Ram, Managing Director, Wheels India, said the company is facing a slowdown in its construction and mining segment and may remain this way for the coming months due to low commodity prices.
The Chennai-based company's net profit was Rs 5.66 crore during the corresponding quarter of last fiscal, Wheels India said in a statement.
The Chennai-based company currently manufactures steel wheels for passenger cars, utility vehicles, trucks, buses, tractors and construction equipment.
Auto companies are having a rough ride. On one hand, increasing petrol prices are raising demand concerns. On the other, the rupee's fall is increasing cost concerns. And now in a bid to protect margins, car majors are opting for the only way out...increasing localisation, reports CNBC-TV18's Swathi Narayanan.
Makers of steel wheels for all types of vehicles and construction gear, Wheels India, would be investing over Rs 70 crore this year with an aim to expand its exports segment.
The Auto Component Manufacturers’ Association of India (ACMA) is readying to fight auto part makers selling counterfeits, reports the Business Standard. The auto-component replacement market is estimated to be flooded with nearly Rs 9000 crore of fakes.