Thursday, Mar 28 2024 | Time 14:22 Hrs(IST)
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Business Economy


Wheels India to invest Rs 155 cr capex this year : Srivats Ram

Chennai, May 20 (UNI) Wheels India will be investing in CapEx of Rs.155 crores
this year, Company MD Srivats Ram said today.
Talking to reporters here, he said a part of capex will go into the expansion of
Construction Equipment business and Aluminum Wheels.
The company has already invested Rs.75 crores in a new plant in Thervoy Kandigai
for machining of large wind turbine castings. This year the company will invest an
additional Rs.25 crores in that plant, he added.
Srivats said “We are investing because we are seeing clear opportunities and there
is customer demand on hand.”
"We have benefitted from China derisking strategy of global companies with Cast
Aluminum business being an opportunity arising out of that. But we are also expanding
business with existing customers", he said.
On the exports market, Srivats said there is strong demand from Japan, Korea, Europe
and North America.
He said with the exit of the JV partner two years ago, the restrictions on expanding
into segments and geographies have been removed and that the company has been
aggressively foraying into newer segments and geographies that they could not earlier.
"The fact that we have invested well over Rs. 150crores in the Cast Aluminum plant
in the last year or two and our current investment of Rs.100crores in the new plant for
machining of large wind turbine castings shows that we are making large investments
and that we are optimistic about growth in these new areas from zero base", he added.
On the CV segment, Srivats said that HCV had been very strong in FY22 with demand
for multi axles going up. The LCV segment too has been showing strong demand.
He said the momentum in CV was back and expected the overall CV segment to be
strong this year.
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